XRP (CRYPTO: XRP) is currently trading 17.9% higher, making it among Monday's top-performing cryptocurrencies amid rising whale transactions and community developments.
What Happened: According to whale alert data, 94 million XRP tokens have been moved from Binance into unknown wallets during the past 24 hours, sparking speculation among investors.
70 million XRP tokens were seen moving from Upbit to an unknown wallet, with another 100 million XRP moved from one unknown wallet to another.
Last week, Ripple announced an agreement to acquire Standard Custody & Trust Company, an enterprise-grade regulated platform for digital assets, bolstering its product offerings amid increasing demand. The deal is part of an ongoing effort to secure licenses in new countries and regions, including Singapore, the UK and Europe.
Why It Matters: Describing the nature of the XRP token, Ripple CTO David Schwartz stated on March 10, that it is similar to most cryptocurrencies— an asset with high volatility that holders hope trends upwards over time.
He emphasized that it is not a "lottery ticket" with chances of a sudden price increase.
XRP prices have rallied 20% in the last 24 hours, with trading volumes surging by 285.5% to $5.6 billion. Ripple's trading volumes thus surpassed Solana’s $5.3 billion and BNB’s $4.2 billion.
Also Read: Dogecoin Co-Founder Takes A Jab At Ripple CEO, Says DOGE Is 'Basically The Same As Bitcoin'
What’s Next: While many traders have praised XRP's rally and predict a further breakout, some have issued cautionary statements.
Crypto trader JayDee tweeted that XRP had bounced off a multi-year trendline, noting that historically, each bounce has led to a "massive rally." While the general prediction is a 100% gain, he cites technical analysis indicating the potential for more upside.
Another crypto trader tweeted:
$XRP The scam just started moving and it’s just the beginning.
— Kaz The Shadow (@KazTheShadow) March 11, 2024
The more people will hate the pump the more it will go higher, and with such a beautiful entry I’ll just let it ride risk free.
We printing Shadows https://t.co/EP3Vyc9LhZ pic.twitter.com/VKAn98jxhP
However, one crypto trader advises investors that XRP may not be suitable for their portfolios, as it would need another 2,600% growth "to break even against Bitcoin's value from the 2017 peak." The primary interest in the token remains investors' curiosity about the project.
While XRP has not delivered significant returns in the past, the current rally has reignited bullish momentum for the token.
Read Next: Ripple CEO Brad Garlinghouse Would 'Certainly Welcome' Backing An XRP ETF
Image: Stanslavs/Shutterstock
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