2024

<p>In a thrilling plot twist witnessed recently, a staggering 427 million XRP on the move appears to have piqued the interest of crypto market traders and investors globally. As per insights unveiled by the blockchain tracker Whale Alert, a whopping 400 million XRP was unlocked from escrow at Ripple, whereas a renowned XRP whale shifted nearly 27 million XRP to a centralized exchange.</p>
<p>Meanwhile, the Ripple-backed token traded in the red today, birthing additional inferences for XRP’s price action ahead. An eminent crypto market analyst, Ali Martinez, contrastingly proclaimed the token to be potentially gaining a bullish momentum ahead, garnering noteworthy interest among crypto market enthusiasts.</p>
<h2 id="ripple-s-escrow-unlock-whale-s-dump">Ripple’s Escrow Unlock &amp; Whale’s Dump</h2>
<p>According to the data revealed by the blockchain tracker Whale Alert, Ripple was noted to be unlocking the aforementioned amount of coins, worth $217.40 million, from escrow on Sunday, February 25. Whereas, an XRP whale, going by the address r4wf7enWPx…5XgwHh4Rzn, transferred 27.40 million XRP, worth $14.92 million, to Bitstamp, a Luxembourg City-based <a href="https://coingape.com/glossary/centralized-cryptocurrency-exchanges-cex/" target="_blank" rel="noopener noreferrer nofollow">CEX</a>.</p>
<p>Intriguingly, Ripple’s massive unlock welcomed new XRP coins into the market, increasing the token’s supply. Additionally, the whale’s enormous dump to a CEX also aided the rise in supply, aligning with the token’s trading in the red witnessed recently. Usual market sentiments of a slump in price with a pump in supply seem to be lingering with these XRP moves.</p>
<p><strong>Also Read: <a href="https://coingape.com/top-3-crypto-gainers-of-the-week-uni-fil-and-wld/" target="_blank" rel="noopener noreferrer nofollow">Top 3 Crypto Gainers of The Week: UNI, FIL, and WLD</a></strong></p>
<h2 id="xrp-price-tumbles">XRP Price Tumbles</h2>
<p>As of writing, the <a href="https://coingape.com/price/xrp/" target="_blank" rel="noopener noreferrer nofollow">XRP price</a> noted a drop of 0.91% over the past 24 hours and is currently trading at $0.5403. The bearish movement illustrated by the token somewhat aligns with the abovementioned transactions as supply rises.</p>
<p>Notably, Ali Martinez spotlighted vital market dynamics for the Ripple-backed token, hinting at a potential bull run ahead. As per the analyst, the TD Sequential indicator issued a buy signal on XRP’s weekly chart, amassing bullish thoughts among crypto market participants. A sustained weekly close above $0.57 could catalyze a push toward $0.63 or even higher, hitting $0.65, as per Martinez. The 1.09% rise in open interest, per insights by <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/currencies/XRP" target="_blank">Coinglass</a>, further showcased new money entering the market, aligning with the analyst’s remarks.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">The TD Sequential indicator has issued a buy signal on the <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$XRP</a> weekly chart, indicating potential bullish momentum. If <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRP</a> manages a sustained weekly close above $0.57, it could be the catalyst for a push toward $0.63 or even higher, reaching $0.65. <a href="https://t.co/D35ogC4jIW" rel="noopener noreferrer nofollow">pic.twitter.com/D35ogC4jIW</a></p>
 <p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1761850861548978350?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 25, 2024</a></p>
</blockquote>
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<p><strong>Also Read: <a href="https://coingape.com/microstrategys-twitter-hack-incident-causes-investors-to-lose-440000/" target="_blank" rel="noopener noreferrer nofollow">MicroStrategy’s Twitter Hack Incident Causes Investors to Lose $440,000</a></strong></p>
<p>The post <a href="https://coingape.com/427-mln-xrp-on-the-move-sparks-curiosity-will-price-reach-0-63/" rel="noopener noreferrer nofollow">427 Mln XRP On The Move Sparks Curiosity, Will Price Reach&nbsp;$0.63?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

427 Mln XRP On The Move Sparks Curiosity, Will Price Reach $0.63?

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