After the difficult days in the crypto money markets, there are minor reliefs. One of them is the popular altcoin Ripple (XRP). Cryptocurrency has skyrocketed in the past hour. It has risen 5.57% in the last 24 hours and 7.66% since last week.
Although the reason for the spike in the popular altcoin is not fully known, Whale, a blockchain data monitoring platform, reported that a total of 88 million XRPs were used in the purchase of the cryptocurrency in the last 24 hours.
According to data monitoring platform Whale, 31,867,265 XRP worth approximately $11,094,357 has been transferred from leading cryptocurrency exchange FTX to an unknown wallet in the past few hours. In addition, another transaction of 57,200,000 XRP worth $20,038,527 transferred to an unknown wallet from Mexico-based cryptocurrency exchange Bitso was also reported. However, according to the report, 180,000,000 XRP transfers, worth a total of $62,814,669, were made between wallets in the past days.
On the other hand, it can be said that the recent activity in the cryptocurrency supports technically. As seen on XRP's hourly chart, the positive crossover of the 50 and 200-week moving average produced three consecutive hourly candles. On the daily chart, XRP has consolidated below the daily MA 50 barrier for several days. If the move above the daily MA 50 level in the cryptocurrency is sustained, the price could set $0.409 ahead of $0.42 as its target. A rejection from current levels could cause XRP price to return to its old range with support at $0.33. The current macroeconomic context remains an important factor that could affect XRP price performance in the short term. According to data analytics firm Santiment, XRP has the most positive sentiment and remains one of the top cryptocurrencies.