A stunning movement of XRP has just been recorded, with 44.1 million tokens, worth over $97 million at current market price, transferred from Turkish crypto exchange Paribu to an unknown wallet.
This makes the source even more interesting, considering it isn’t one of the more popular Western-based crypto exchanges. Nonetheless, the tokens were moved to wallet address “rKeWg9,” which is not previously associated with any major exchange or custodian.
Blockchain data confirms that the entire amount was delivered successfully, with a transaction fee of just 0.00001 XRP. As noted by the XRP analyst, this is most likely a message from a giant investor, pointing to an accumulation move.
This is is because a significant movement of crypto tokens off an exchange platform is mostly viewed as a sign of long-term holding that reduces selling pressure.
Adding to the building fire is a bold proclamation from market analyst Amonyx, who recently took to X to share an ultra-bullish outlook for XRP. Particularly, the analyst noted that XRP is on the way to printing a “giga pump” into the foreseeable long term.
The chart he shared shows a long-term symmetrical triangle breakout pattern, indicating that XRP has finally broken past a multi-year consolidation phase on the monthly candlestick timeframe, which dates back to 2018.
Amonyx’s chart outlines an upside Fibonacci extension target above $27.16, with a more extreme resistance band around $71.41, implying a high-momentum move on the macro level. Both of these levels correspond to the 1.618 and 1.902 Fib extension levels, respectively. The trajectory, if sustained, would see XRP competing with Ethereum and possibly even Bitcoin in terms of market capitalization.
At the time of writing, XRP was trading at $2.19, up by 1.33% in the past 24 hours.
Featured image from Unsplash, chart from TradingView
