According to data from Whale Alert, approximately 158,473,000 XRP, equivalent to about $77.33 million at current market prices, was transferred by a whale. This transaction was initiated from an unknown wallet to the popular crypto exchange Binance. The significant movement of XRP from a wallet to an exchange has sparked speculation of potential downward pressure on the digital asset’s price, leading to selling speculation.

However, the transactions didn’t stop there. Three subsequent transfers, each consisting of 33.3 million XRP and totaling approximately $49.89 million, were made from Binance to unknown wallets. This movement indicates an accumulation pattern by XRP whales, signaling a bullish sentiment towards XRP and potentially catalyzing future price increases.

Furthermore, a whale sold 28.94 million XRP tokens, valued at $14.22 million, in a transfer from an undisclosed wallet to the Bitstamp exchange. In light of these developments, crypto analyst Andrew Griffiths emphasized the importance of XRP closing above $0.60 to sustain its upward momentum. He noted that XRP has been consolidating in a triangle formation since 2017, indicating a period of price stability before a potentially explosive breakout.

Griffiths also predicted that once XRP breaks out of this triangle formation and surpasses $1.20, it could pave the way for an all-time high. Drawing parallels with the price action seen in 2017, he suggested that a similar upward trajectory could be possible for XRP in the near future.

Despite these optimistic forecasts, Griffiths acknowledges the prevalent negative sentiment surrounding the digital asset and the challenges faced by XRP investors. He suggests that past controversies and regulatory scrutiny may have deterred some traders.