An Uphold-affiliated XRP address moved over $162 million worth of XRP as the cryptocurrency’s trading volume and price record substantial surges.
On-chain data shows that a blockchain address associated with XRP-friendly exchange Uphold moved a significant sum in the hours leading up to press time. The address transferred 250 million XRP ($162.7 million) to another address tagged as belonging to the exchange.
The dynamics around the fund movements suggests the transaction was an in-house transfer from Uphold. Notably, the recipient address has occasionally moved funds to other exchanges such as Bybit.
Meanwhile, the sending and receiving addresses cumulatively hold 2.1 billion XRP ($1.36 billion) at the time of writing. As previously reported by The Crypto Basic, XRP made up over 62% of the crypto assets held by Uphold as of October 2023.
XRP Recaptures Investor Attention
The recent development could suggest growing attention around XRP, as exchanges shuffle funds to meet increasing withdrawal requests. After lagging for a considerable time, XRP has recorded a price resurgence.
The price of the cryptocurrency has soared by 28% in the past month alone, rising as high as $0.66 in the past 24 hours.
Within the same timeline, the global trading volume for XRP has surpassed $2.7 billion. In addition, the cryptocurrency’s market cap has increased to $35.8 billion, its highest level since November 2023.
Many analysts predict that the price of XRP will eventually surge above $1 in the coming months, with some forecasting a price as high as $7. More bullish proponents see XRP at the double-figure region, above $10 this market cycle.