In an important development for the crypto, Ripple has seen whales buy 50 million XRP in the past 24 hours. The move comes as the token could be looking to enjoy a massive surge in the coming days, with some traders anticipating an unprecedented move upward for the asset.
The token has struggled to move beyond the $0.60 level in recent weeks. Moreover, increased volatility in the market has not helped its case. Yet, that could be set to change. As whales take action, Ripple could be in a primed position to enjoy an extended price rally.
Also Read: Ripple XRP Falls 3%, Can It Reclaim $0.60 This Week
Whales Snag 50 Million XRP as Price Nears $0.60
Entering 2024, Ripple had immense potential to surge. With its US Securities and Exchange Commission (SEC) lawsuit coming to an end, the regulatory clarity was poised to be massive for the token. Yet, it has struggled to capitalize.
In the last 30 days, the token has stayed at its current level of $0.597, according to CoinMarketCap. Moreover, it has only increased 1.2% in the last 24 hours. That could be set to change, as crypto whales have taken action.
Ripple has seen those whales buy 50 million XRP in the last 24 hours, according to Santiment data. Specifically, those whales depict traders who hold between 1 million and 10 million tokens. At its current price, that haul is valued at more than $29 million.
Also Read: Ripple: How High Will XRP Go In September 2024?
These kinds of purchases usually impact prices. For XRP, it should note an impending increase, as these whales tend to do. Even more so, active addresses on Ripple’s network have only increased.
Specifically, the figure exceeded 15,000 to start the week. That has already increased to 18,000. For some, these data points signal the asset’s potential coming to fruition. According to crypto trader TraderSZ on X (formerly Twitter), this could lead XRP to a coveted $1 mark.
They shared a chart showcasing a descending trendline. The last time the weekly chart showed this, XRP had increased above $0.90 and surpassed $1. Only time will tell if the asset can mirror that movement. The overall market sentiment will play a large part in its capability.
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