XRP, the cryptocurrency backed by Ripple Labs, stirred considerable enthusiasm in the global crypto market today, February 29, as its price continued its upward trajectory. CoinmarketCap’s charts revealed a resurgence, with the Ripple-backed token surpassing the $0.60 mark once again, following a brief breach yesterday.
During this surge, the broader crypto market witnessed two substantial whale transactions, capturing the attention of traders and investors worldwide. XRP, which had been trading sluggishly in recent days, experienced notable upward movement, indicating a potential uptrend in the market and fueling bullish sentiments.
XRP Whale Activity: Diving Deep
Delving into the whale activity, data from the blockchain tracker Whale Alert unveiled two significant transactions involving a total of 61.99 million XRP moving to and from Binance, a leading cryptocurrency exchange. The first transaction transferred 21.99 million XRP, valued at $12.85 million, from Binance to an unknown wallet (rarG6FaeYh…gFsPn2bZKk). Simultaneously, the second transaction involved the movement of 40 million XRP, worth $23.47 million, from an unknown wallet (rPz2qA93Pe…ycJR1N4iNf) to Binance.
These transactions reflected a diverse sentiment among whales in the broader crypto market, with one indicating signs of accumulation and the other involving substantial amounts being dumped, leading to speculative discussions. Nevertheless, XRP’s price action painted a bullish outlook for the altcoin, aligning with the token’s derivatives data.
XRP Experiences Price Surge
As of the current update, XRP has witnessed a notable increase of 4.63% in the last 24 hours, reaching a current trading value of $0.6051. This rise above the $0.60 threshold has captured significant attention, especially considering XRP’s recent sluggish performance.
Examining derivatives data for the Ripple-backed token reveals a substantial influx of new capital into the market, indicating heightened market activity. Data from Coinglass indicates a 7.51% surge in the token’s open interest, accompanied by a remarkable 59.85% increase in trading volume, signaling a clear upward trend.
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Analysis sheds light on XRP’s bullish momentum, which has been building since the previous weekend, with its price rebounding from the established support at $0.528. Throughout February, the token has steadily rallied, accompanied by a rise in its OI-weighted funding rate. This suggests a growing readiness among traders and investors to engage in long positions with XRP. The overall scenario paints a bullish outlook for XRP, providing buyers with the opportunity to further boost the token. Should this materialize, increased buying pressure could propel the altcoin towards the psychological levels of $0.75 or even $0.93.
