XRP is seeing a large number of whale transfers, a surge in trading volume, and the potential for a bullish breakout.

• XRP whales make move, snapping up $57 million worth of tokens.

• If the bullish momentum continues, XRP could surpass the $0.59 mark.

Ripple [XRP] made headlines after a massive whale moved 100,000,000 XRP (worth $57.9 million).

At press time, XRP’s price is $0.588, having gained 2.84% over the past 24 hours, sparking speculation that it could rise further.

The market is closely watching this major transaction as XRP approaches a key resistance level.

Surge in activity

XRP’s trading volume surged 37.59% in the past 24 hours to $1.41 billion. A large increase in trading volume indicates increased market interest, which often foreshadows large price moves.

As liquidity continues to flow into XRP, its growing trading volume suggests that market participants are preparing for a potential momentum shift.

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Additionally, according to CryptoQuant, the total number of transactions recorded on the XRP ledger was 1,721,700, an increase of 0.97% from the previous day as of press time.

The gradual rise in trading activity indicates growing market participation, indicating that traders and investors are becoming more involved in the asset.

The steady rise in transaction volume indicates growing confidence in the XRP network.

Is XRP accumulation underway?

At press time, XRP’s exchange reserves stood at 2.977 billion, down 0.17% over the past 24 hours. Such a drop typically indicates that XRP is moving off exchanges, likely into private wallets.

This trend suggests that holders are preparing for long-term profit taking, thereby reducing selling pressure in the market, which could lead to higher prices.

Are there organizational changes on the horizon?

On-chain data shows that there were 12 whale transactions with a value of more than $100,000 and 3 transactions with a value of more than $1 million, reflecting the heavy participation of large market participants.

This type of whale activity is often associated with institutional investments or major strategic moves. These large transfers could mean that whales are preparing for a possible breakout of XRP.

What’s Next for XRP?

XRP is gaining momentum as trading volumes increase, transaction counts rise, and exchange reserves fall.

Recent whale activity hints at potential institutional interest, which could propel XRP past the critical $0.59 resistance level.

If these indicators continue to align, XRP could be on the verge of a bullish breakout, leading to a sustained rally in the market.