Despite market volatility hitting XRP, bullish sentiment continues to dominate the asset. According to Whale Alert, a crypto data tracker on X, a large transaction of 22,018,660 XRP, equivalent to approximately $50,355,056, was initiated on-chain.
Whale activity and its bullish implications The whale moved the asset from Binance, a leading cryptocurrency exchange, to a private wallet address. This is significant as it shows the whale might have the intention to secure the XRP for long-term storage. If this is the case, it indicates strong confidence in XRP's future outlook. 🚨 🚨 🚨 22,018,660 #XRP (50,355,056 USD)
transferred from #Binance to unknown wallet
https://t.co/f684Xwkgzs — Whale Alert (@whale_alert) December 6, 2024
Additionally, transfers to private wallets are generally considered bullish because the tokens are unlikely to be sold immediately. XRP whales buying such large volumes might drive up buying sentiment on the broader market. This helps reduce selling pressure on the asset.
When selling pressure is low, investors might decide to buy more, and such development could bring about a price gain for XRP. As earlier reported by U.Today, following XRP’s climb above the $2 mark, there has been growing interest in the token. A Nasdaq-listed company, Worksport, has indicated interest in getting crypto exposure through XRP and Bitcoin. Worksport CEO Steven Rossi referred to XRP as an increasingly reliable store of value. Such institutional adoption could help drive up the value of XRP on the market.
Can XRP cross $3 threshold?
As of this writing, XRP is being exchanged for $2.26, a 5.32% decrease in the last 24 hours. XRP’s fluctuation has seen the token dip to $2.23 before posting a rebound, as it struggles to stay above the $2 mark.
Earlier this week, anticipation built among investors that XRP would breach the $3 level. However, XRP needed to break through the $2.85 to $2.90 resistance level to do so, a feat that has proven daunting over the past few days. With growing hype around XRP ETF and positive regulations in the U.S., the coin has the fundamentals on which to anchor its growth.
