thecryptobasic.com
An Uphold-affiliated $XRP address moved over $162 million worth of $XRP as the cryptocurrency’s trading volume and price record substantial surges.
On-chain data shows that a blockchain address associated with $XRP-friendly exchange Uphold moved a significant sum in the hours leading up to press time. The address transferred 250 million $XRP ($162.7 million) to another address tagged as belonging to the exchange.
The dynamics around the fund movements suggests the transaction was an in-house transfer from Uphold. Notably, the recipient address has occasionally moved funds to other exchanges such as Bybit.
Meanwhile, the sending and receiving addresses cumulatively hold 2.1 billion $XRP ($1.36 billion) at the time of writing. As previously reported by The Crypto Basic, $XRP made up over 62% of the crypto assets held by Uphold as of October 2023.
$XRP Recaptures Investor Attention
The recent development could suggest growing attention around $XRP, as exchanges shuffle funds to meet increasing withdrawal requests. After lagging for a considerable time, $XRP has recorded a price resurgence.
The price of the cryptocurrency has soared by 28% in the past month alone, rising as high as $0.66 in the past 24 hours.
Within the same timeline, the global trading volume for $XRP has surpassed $2.7 billion. In addition, the cryptocurrency’s market cap has increased to $35.8 billion, its highest level since November 2023.
Many analysts predict that the price of $XRP will eventually surge above $1 in the coming months, with some forecasting a price as high as $7. More bullish proponents see $XRP at the double-figure region, above $10 this market cycle.