$18 Billion in XRP in Just 24 Hours — What’s Behind?

XRP, the fifth largest cryptocurrency by market capitalization, has seen a surge in activity in the last 24 hours, with trading volumes skyrocketing to over $18 billion in just 24 hours.

This remarkable spike in activity comes alongside significant whale movements, with Whale Alert tracking 292.7 million XRP shifting across multiple XRP transactions.

Blockchain data tracker Whale Alert reported five transactions involving 292.7 million XRP during the last 24 hours. These transactions saw a move of XRP from exchanges or wallets to another wallet.

Whale Alert reports: 120,000,000 XRP worth $228,711,662 transferred from Bithumb; 13,460,355 XRP worth $25,943,460 transferred from Binance; 20,000,000 XRP worth $35,984,459 transferred from Upbit to unknown wallets.

In two transactions, 5,000,000 XRP worth $58,286,649 was transferred between unknown wallets, and 104,392,571 XRP worth $167,229,621 was transferred from an unknown wallet to an unknown new wallet.

Large holders or whales may be redistributing XRP in preparation for a market shift or accumulating it in anticipation of a bullish breakout.

XRP eyes $2 breakout

At the time of writing, XRP was up 17.2% in the last 24 hours to $1.90 and up 22% weekly. The increase helped XRP ascend the crypto market rankings. With a market capitalization of $108.26 billion, XRP is now the fifth-largest cryptocurrency, surpassing BNB.

Recent optimism stems from reports that an imminent approval of the dollar-pegged RLUSD stablecoin by the New York Department of Financial Services (NYDFS) could see the product launch as early as Dec. 4.

As XRP rides a wave of increased trading and whale activity, the community is watching closely for signs of a sustained rally. Analysts are focused on key price levels, with the $2 highlighted as a target for the XRP price rally and a potential springboard for further gains.

In other XRPL news, a new XRP Ledger Standard “XLS-86 Firewall,” which adds massive security to an XRP account and prevents large withdrawals in case keys get compromised by an attacker, has just been proposed.

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