• Crypto & Funx
• 31 Aug, 2024

Two XRP whales transferred 210.93 million XRP valued at $233.76 million, hinting at strategic repositioning.

Speculation grows around a potential partnership between Ripple and Cardano, fueled by recent executive meetings.

Despite a 2% dip in the last 24 hours, XRP has soared by 65% over the past week.

XRP has been at the center of attention this past week, surging by an impressive 65% over the past seven days. Recently, two massive whales moved 210.93 million XRP tokens , worth $233.76 million, further signaling increased interest among investors.

According to Whale Alert, the first transfer moved 110.93 million XRP (valued at $123.59 million) from Binance to an unknown wallet, while the second involved 100 million XRP (worth $110.17 million) between unidentified wallets. Such movements often hint at strategic market maneuvers, possibly ahead of major announcements or partnerships.

These major whale movements come amid the speculation of a potential collaboration between Ripple and Cardano. Last week, Cardano founder Charles Hoskinson and CEO Brad Garlinghouse had a . On X, Hoskinson described Garlinghouse as “a great CEO” and hinted at a collaborative future. In response, emphasized the importance of unity in the crypto industry, calling for “clear rules of the road.”

In addition, Hoskinson recently held discussions with Ripple CTO David Schwartz. The two industry leaders reportedly delved into Cardano’s Midnight project, a privacy-focused blockchain initiative designed to enhance confidentiality in the decentralized ecosystem.

During an “Ask Me Anything” (AMA) , Hoskinson shared his vision for a potential collaboration between the two companies. He stated that combining Cardano’s innovative blockchain technology with Ripple’s robust liquidity infrastructure and stablecoin solutions could pave the way for groundbreaking advancements.

XRP Bullish Momentum despite Short-Term Dip

XRP’s price, currently trading at $1.09, has seen a 2.5% dip in the last 24 hours. However, technical indicators suggest this pullback might be temporary, with bullish momentum likely to persist.

A key signal comes from the formation of a golden cross on the daily chart, where the 50-day moving average has crossed above the 200-day moving average — a setup historically associated with sustained upward trends.

Moreover, XRP’s market cap, which now stands at $62.04 billion, has more than doubled in the past month, underscoring strong investor confidence. Analysts suggest that breaking the $1.14 resistance could lead to further gains, potentially setting the stage for a new rally.

On Monday, prominent commentator Moon Lambo XRP’s 20x rally in the previous market cycle. He speculated that this cycle could deliver even greater returns as institutional capital continues to flow into the crypto space. The analyst suggested scaling out at prices between $5 and $8 while holding for a potential breakout above $10.

With whales actively repositioning and technical indicators aligning, XRP appears poised for further milestones, especially if rumors of a Ripple-Cardano partnership come to fruition.