Crypto Whales Drive XRP Price Surge
After the news broke that the SEC was dropping its lawsuit against Ripple’s executives, the XRP price experienced a significant surge. This rally continued into Friday, with the altcoin’s price surpassing $0.53. Although there has been a slight pullback from this level, whale transactions indicate that the rally may not be over.
Crypto Whales Flex Their Buying Power
In the past day, crypto whales have demonstrated their buying power as cryptocurrencies like XRP witnessed a recovery. The first sign of this was a series of large USDT transactions heading towards centralized exchanges.
Whale tracker Whale Alert reported that $100 million in USDT was transferred to Binance, followed by two additional transactions of the same amount, all destined for Binance as well. Another 50 million USDT arrived at the exchange a few hours later.
Additionally, $1 billion USDT was minted at the Tether Treasury, and subsequent transactions carrying USDT in 50 million increments were sent to Binance throughout Thursday and Friday.
XRP Price Dependent on Bitcoin
The XRP price is closely linked to Bitcoin’s performance. If whales continue to buy and push Bitcoin past $30,000, it is likely that the XRP price will follow suit and break through the $0.55 resistance level. However, XRP also faces resistance as whales have started selling.
Whale Alert highlights several large XRP transactions heading towards centralized exchanges. Notably, 32.3 million XRP worth $15.79 million was sent to Bitso, and 31.1 million XRP worth $15.2 went to Bitstamp.
This suggests a battle between bulls and bears for dominance, but the XRP price remains strong, with gains of 7.44% in the past 24 hours and 6.94% in the past week.
Hot Take: XRP Price Surge Driven by Whale Transactions
The recent surge in the XRP price can be attributed to a series of whale transactions. Large amounts of USDT were transferred to Binance, indicating significant buying power from crypto whales. Furthermore, the minting of $1 billion USDT at the Tether Treasury and subsequent transactions to Binance contributed to the price rally. However, resistance from selling whales poses a challenge for further upward movement. The XRP price’s performance is closely tied to that of Bitcoin, meaning continued buying pressure on Bitcoin could propel XRP beyond its current resistance level. Despite the battle between bulls and bears, XRP has demonstrated strength with notable gains in the last 24 hours and seven days.
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