On July 2nd, a significant movement of whales on Ripple captured the entire market’s attention, sparking a surge in prices. Data from Whale Alert reveals that approximately 3 billion XRP were transacted within the past 24 hours, a development not overlooked by investors. This massive movement, involving both XRP escrow releases and whale activities, has spurred heightened speculation about future market trends.
### Where Are 3 Billion XRP Going?
Market tracking service Whale Alert disclosed that 2.93 billion XRP were transferred in the last day. This movement primarily stemmed from the unlocking of XRP from escrow accounts and activities by large-scale investors. This was a notable event, particularly with 1 billion XRP, valued at $481 million, released from Ripple’s escrow holdings.
Furthermore, 800 million XRP, equivalent to $382 million, were subsequently returned to escrow accounts by Ripple. Concurrently, transactions conducted by whales attracted considerable attention. During this period, 1.1 billion XRP were moved to Ripple, exceeding the quantity unlocked from escrow. Notably, one prominent XRP whale, known as Rzn, transferred 30.76 million XRP valued at $14.64 million to exchanges, capitalizing on the price increase.
### Will XRP Price Rise?
At the time of writing, XRP is trading at $0.4816, marking a 0.5% increase for the day. The lowest observed price in the past 24 hours was $0.4759, while the highest reached $0.4877.
Renowned XRP analyst Captain Faibik, known for insightful commentary on the token, reiterated his views today. He suggested a potential 25% price movement ahead, noting XRP’s resilience above the descending wedge formation. Faibik highlighted a rising RSI and favorable MACD indicators as supporting factors for his outlook.
On the other hand, data provided by Coinglass pointed to increased open interest and derivative volume in XRP futures, signaling a bullish sentiment. Recent figures indicated a 1.19% rise in open interest to $615.98 million, coupled with a 25.23% surge in trading volume to $739.54 million.
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**Disclaimer:** This article does not constitute investment advice. Cryptocurrency investments carry high volatility and risk. Investors are advised to conduct their own research before making any decisions.
