Ripple has recently transferred 150 million XRP, aligning with a 30% price surge that set a new monthly high at $0.602. This movement comes as trading volume reaches $3.26 billion in 24 hours. Ripple’s large-scale XRP transactions have coincided with a significant price surge. Earlier today, XRP set a new monthly high at $0.602, marking a 30% increase over the past week. Over the past 24 hours, trading volume has reached $3.26 billion, showing a substantial 40% increase from the previous day. This surge in trading volume mirrors the bullish trend in XRP’s price.
Whale Alert Confirms Major Transfer
Whale Alert confirmed that Ripple moved 150 million XRP, valued at $87.49 million, to an unknown wallet on July 16 at 18:11 UTC. The recipient address remains unidentified, sparking speculation within the crypto community. The unknown wallet involved has a history of substantial transactions. It received 10,000 XRP on July 15, 515,000 XRP on July 11, and 200,000 XRP on July 10.
Related article: Ripple Launches Real-Time XRP Payment Simulation Tool
These patterns contribute to the intrigue surrounding the recent transfer. This recent transfer is part of Ripple’s series of significant transactions. On July 1, Ripple executed two major transactions, moving 100 million XRP at 21:49 and 200 million XRP at 21:41. Additionally, on June 20, Ripple transferred 250 million XRP to a specific address.
Market Impact And Price Fluctuations
Following these transactions, XRP has experienced continued price fluctuations. As of today, XRP trades at $0.6063, representing an 11.51% increase in the last 24 hours and a 36.52% increase over the past week. Notably, XRP outperforms the global cryptocurrency market, which has seen a 13.30% increase in the same period.
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Whale activity has significantly influenced XRP’s recent movements. XRP whales added 3.17 billion tokens by May 28, boosting network activity. This accumulation trend persists despite ongoing legal challenges with the U.S. SEC. Over the past four years, wallets holding more than 10 million XRP have shown considerable movement, with holdings notably increasing after a low 16 months ago.
For XRP to reach a price of $10, it would require a daily trading volume of over $40 billion. This projection assumes proportional growth in trading volume and market value, emphasizing the significant increase needed for such a price milestone.
