- XRP surged above $2 as whales transferred 90M tokens worth $202.5M to unknown wallets in 30 minutes.
- Ripple launched RLUSD stablecoin, boosting XRP’s utility and drawing institutional attention.
- Whale transfers to non-exchange wallets suggest long-term accumulation of XRP, sparking bullish market speculation.
XRP recently held the $2 support floor, driven by significant whale transactions. According to the blockchain observer Whale Alert, 90 million XRP tokens worth about $202.5 million were moved to unidentified wallets in a single day.
These transfers comprised two big transfers. The first was 50 million XRP, valued at $112,500, transferred to a newly created address. In the second transfer, 40 million XRP ($90 million) were transferred to another newly created wallet address.
These wallets are not associated with major cryptocurrency exchanges, which raises questions about whether large institutional investors or high-net-worth individuals are building a long-term position in XRP.
Ripple’s Market Performance and Institutional Interest
The recent whale activity correlates with Ripple’s spectacular growth, which has expanded four times since November 5. XRP is priced at $2.25, up 0.35% on the last day. Considering the current state of the market, XRP is one of the standout performers, and it has a YTD gain of 266%.
Market analysts note that transfers to other unidentified wallets usually signify accumulation plans. Such movements usually mean movement to a cold wallet, demonstrating less selling pressure, which is positive for the price action. As noted by Scott Melker, a hedge fund manager, the sustained buying is supplemented by reports that former U.S. President Donald Trump is acquiring XRP and HBAR tokens.
Ripple’s Strategic Moves Amid Market Volatility
Ripple has also been associated with constant innovation as a company. On December 17, Ripple introduced the Ripple USD (RLUSD), an enterprise-grade, fully-backed U.S. dollar stablecoin on the XRP Ledger.
XRP’s performance is strong, while other technical indicators reflect an unclear perspective. The Awesome Oscillator suggests that the possibility of a bullish divergence has been identified, but further accumulation will be required for momentum to increase. The Key support is $2.20, while the possible resistance levels are $3.62 and $4.30. Prices will likely rise towards $5.73 once they break above the range while dropping below the support, which causes panic selling.
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