XRP Surges 65% as Whales Transfer $233.76 Million in Tokens
XRP has gained 65% in the past week, with significant whale activity involving 210.93 million XRP tokens valued at $233.76 million. The first transfer of 110.93 million XRP worth $123.59 million occurred from Binance to an unknown wallet, while another 100 million XRP valued at $110.17 million moved between unidentified wallets. Such transactions may indicate strategic maneuvers ahead of potential announcements.
Speculation surrounds a possible collaboration between Ripple and Cardano. Cardano founder Charles Hoskinson and Ripple CEO Brad Garlinghouse recently discussed the potential partnership, with Hoskinson praising Garlinghouse as "a great CEO" and hinting at future cooperation. Garlinghouse highlighted the need for unity in the crypto industry, advocating for "clear rules of the road."
Additionally, Hoskinson spoke with Ripple CTO David Schwartz about Cardano’s Midnight project, focusing on enhancing privacy in decentralized ecosystems. During an AMA session, Hoskinson expressed that combining Cardano’s technology with Ripple’s liquidity infrastructure could lead to significant advancements.
XRP Bullish Momentum despite Short-Term Dip
XRP is currently trading at $1.09, experiencing a 2.5% dip in the past 24 hours. However, technical indicators suggest this decline may be temporary, with bullish momentum anticipated. A golden cross formation on the daily chart indicates potential for sustained upward trends.
XRP’s market cap is now $62.04 billion, having more than doubled in the past month, reflecting strong investor confidence. Analysts note that breaking the $1.14 resistance level could trigger further gains, setting the stage for a new rally.
Market commentator Moon Lambo pointed out XRP's previous 20x rally and speculated that current market conditions might yield even greater returns as institutional capital increases. He suggested taking profits between $5 and $8 while holding out for a breakout above $10.
With whale activity and favorable technical indicators, XRP appears set for further growth, particularly if rumors of a Ripple-Cardano partnership materialize.