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Ripple’s XRP token surged over 20% on Monday, snapping its downtrend against Bitcoin (BTC) as the cryptocurrency rally expanded its reach. The surge came after XRP had been notably absent from the action, even as Bitcoin broke record highs and specific sectors like meme coins and AI tokens experienced exorbitant gains.
The sharp jump saw XRP soar from around $0.50 to $0.74 within an hour on Monday afternoon UTC before settling back at $0.69 on Tuesday morning. This rally could indicate traders rotating their capital into tokens that haven’t moved yet as the broader digital asset market continues its upward trajectory.
Whale Alert noted a significant transfer of 300 million XRP, worth approximately $187 million at the time, leaving Binance’s address and deposited into an unknown wallet. This was followed by a series of similar outbound transactions, each worth 18-19 million XRP, from Binance to different addresses.
While these transactions could suggest whales (large crypto investors) accumulating XRP ahead of the price surge, they may also be attributable to the exchange shifting coins to new addresses as part of internal wallet maintenance procedures.
Also Read: Recent Ripple’s $217M XRP Unlock Baffles Community.
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