XRP Price Rallies 12% as 40 Million XRP Transfer to Binance Sparks Renewed Interest

The transfer was flagged by Whale Alert, a blockchain monitoring platform, sparking speculation about its impact on the market.

A large-scale XRP (XRP) transaction, valued at over $134 million, was flagged by Whale Alert on October 29th. The funds were moved from an unknown wallet to Binance, sparking speculation about its impact on the market.

According to data from Bithomp, a blockchain wallet explorer, the wallet that sent the XRP was linked to Binance, suggesting that this large-scale transaction was likely an internal redistribution rather than a third-party deposit.

Major exchanges like Binance commonly carry out these internal fund movements to ensure liquidity or support trading demands, especially during periods of heightened market activity.

Following this large XRP transfer, the token experienced a notable price surge. After jumping 12% from $2.92, XRP rallied to $3.29 before stabilizing at $3.34.

This surge in demand led to a sharp price increase, quickly erasing the 9.21% decline seen the previous day. The rally also aligns with broader market movements, as Bitcoin recently reached a historic all-time high.

According to market experts, XRP’s momentum remains bullish as long as the price holds above $3. GTEMZE/TradingView technical analysis shows XRP approaching a critical resistance level at $3.34.

On intraday charts, the formation of a bullish engulfing candle is driving upward momentum, suggesting the potential for further gains if a breakout occurs at this level.

XRP, led by Ripple, has never been out of the spotlight in cryptocurrency news, and recent events like the U.S. Securities and Exchange Commission Chairman Gary Gensler stepping down have led to interesting discussions about shifting regulatory scrutiny.

In other Ripple news, Ripple CTO David Schwartz urges the community not to engage in internal wars and instead focus on how to overcome impending regulatory hurdles, highlighting how RLUSD could unleash a wave of liquidity on the XRP.

Chainlink and Ripple are also joining forces in a new venture to integrate Ripple’s RLUSD stablecoin into Chainlink’s DeFi ecosystems for enhanced trading and lending capabilities.

Furthermore, Ripple continues to expand its presence in Asia with plans to integrate its XRP ledger across Japanese banks by 2025.

This latest surge in XRP's price reflects the renewed optimism in the cryptocurrency market, especially with Bitcoin's recent rally bringing fresh momentum.

However, the market remains volatile, and such fluctuations can be influenced by technical factors and even changes in regulations, making it crucial to monitor the market closely.