Ripple (COIN: $XRP) is the native token of Ripple, created by Ripple Labs, an American tech company focused on creating a global payment network to facilitate flexible and affordable transactions.
In the past 24 hours, XRP rose by double digits, with the price soaring to $0.69, signaling an early bull run. The previous week, Ripple announced a collaboration with Axelar (AXL), which resulted in a 50% rise in volume.
Other major cryptocurrencies, such as Bitcoin (BTC), Solana (SOL), Ethereum, and BNB, also saw a significant surge in the past 24 hours.
Large Transactions Shift XRP Momentum Upward
On March 8, 2024, an anonymous organization withdrew 300 million Ripple (XRP) tokens worth $187.13 million, according to data analytics Whale Alert. This bulk transaction indicates that the investors and holders are more interested in holding the tokens rather than trading them.
Today, Whales Alert reported that more than 19 million XRP tokens, worth $13.6 million, were transferred from Binance to an unknown wallet. The accumulation trend is supported by blockchain analytics provided by Messari, indicating a rise in the number of addresses with over 1 million XRP as the price increases.
Furthermore, the Ripple (XRP) 24-hour trading volume has also increased significantly by 243.87% and the market cap by 12%, pushing the price towards $1.
Ripple CEO Comments on BTC ETF Volume Surge
The sudden surge in the price of Ripple (XRP) on Monday, where it reached a price of $0.7440, sparked investor interest in the project. CEO Garlinghouse highlighted the massive surge in the volume of spot Bitcoin ETF products.
He said in an X tweet, “BTC ETF volumes have been soaring, we’re due for a halving and the broader crypto market is following BTC’s lead (as has historically been the case). As someone who has experienced multiple cycles of “crypto is back” it’s imperative this bullishness go hand in hand with real-world utility. That’s the real (and inevitable) march of progress.”
On March 6, 2024, Bloomberg’s analyst Eric Balchunas reported that spot BTC ETF volume reached $10 billion, setting up a new record.
He said, “MILESTONE: the ten Bitcoin ETFs did $10b in volume today, smashing prev record set last Wed. Volatility and volume go hand in hand with ETFs so not totally surprised. That said these are bananas numbers for ETfs under 2mo old. $IBIT, $FBTC, $BITB, $ARKB all w record days.”
XRP Price Trend
$XRP is currently trading at $0.701 with a gain of 12.41%. The price has surged by 33.75% in a month. Recently, the Ripple (XRP) trading chart has also shown golden cross signs, which tell us that the token is in a robust bullish trend and possible price reversal.
At the time of writing, the market is $38 billion with a 24-hour trading volume of $7 billion. Both volume and market cap have risen significantly.
Is Ripple (XRP) A Buy?
$XRP has shown bullish signs in the past weeks and has surged remarkably in the last 2 days. Its recent price surge has caught the attention of investors, with Whales executing large XRP transactions in the past few days. Based on the recent market activity, Ripple (XRP) is a lucrative asset as the match towards the psychological $1 mark picks up steam.
Click Here for Updates on Ripple (XRP) – It’s FREE to Sign Up for Text Message Notifications!
Disclaimer: This website provides information about cryptocurrency and stock market investments. This website does not provide investment advice and should not be used as a replacement for investment advice from a qualified professional. This website is for educational and informational purposes only. The owner of this website is not a registered investment advisor and does not offer investment advice. You, the reader / viewer, bear responsibility for your own investment decisions and should seek the advice of a qualified securities professional before making any investment.