$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.