Ripple transfers 150 million XRP amid a 30% price surge to a new monthly high of $0.602, with trading volume reaching $3.26 billion in 24 hours.
Ripple has made headlines with its recent large-scale XRP transactions, coinciding with a significant price surge. Earlier today, XRP set a new monthly high at $0.602, reflecting a 30% increase over the past seven days.
The recent surge in XRP’s price is mirrored in its trading volume. Over the past 24 hours, market participants have exchanged approximately $3.26 billion worth of XRP, marking a substantial 40% increase from the previous day.
As these bullish trends prevail, Whale Alert confirmed that Ripple moved the 150 million XRP, valued at $87.49 million, to an unknown wallet on July 16, at 18:11 UTC.
🚨 🚨 🚨 🚨 150,000,000 #XRP (87,493,136 USD) transferred from #Ripple to unknown wallethttps://t.co/z5janBJZ1N
— Whale Alert (@whale_alert) July 16, 2024
However, the recipient address remains unidentified, contributing to speculation and intrigue within the crypto community.
The unknown wallet also has a history of substantial transactions. On July 15, it received 10,000 XRP, and on July 11 and 10, it received 515,000 XRP and 200,000 XRP, respectively.
Ripple’s Transaction History
This recent transfer is part of a series of significant transactions by Ripple. On July 1, Ripple executed two major transactions: 100 million XRP at 21:49 and 200 million XRP at 21:41.
Additionally, on June 20, Ripple transferred 250 million XRP to a specific address.
Market Impact and Whale Activity
Following the recent transactions, XRP experienced continued price fluctuations. As of today, XRP trades at $0.6063, representing a 11.51% price increase in the last 24 hours and a 36.52% increase over the past week. Notably, XRP outperforms the global cryptocurrency market, which has seen a 13.30% increase in the same period.
The fluctuation comes at a time when The Crypto Basic notes that for XRP to reach a price of $10, it would require a daily trading volume of over $40 billion. This projection assumes a proportional growth in trading volume and market value, emphasizing the significant increase needed for such a price milestone.
Whale activity has played a crucial role in XRP’s recent movements. According to a Santiment report, XRP whales added 3.17 billion tokens by May 28, significantly boosting network activity.
This accumulation trend occurs despite ongoing legal challenges with the U.S. SEC. Over the past four years, wallets holding more than 10 million XRP have shown considerable movement, with a notable increase in holdings after reaching a low 16 months ago.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
