Bitcoin

The cryptocurrency XRP has witnessed a notable increase in its value today, with a rise of approximately 11.50% in the last 24 hours, bringing its price to $0.68. At its peak during the day, XRP traded as high as $0.74, marking its highest price point since November 2023.
<a href="https://crypto.ro/en/cryptocurrencies/xrp/" rel="noopener noreferrer nofollow">XRP’s</a> price surge today follows significant movements of capital from cryptocurrency exchanges. A notable event on March 8 saw an anonymous entity withdrawing 300 million XRP, valued over $187.13 million, from Binance, as reported by Whale Alert.
<img decoding="async" src="https://s3.cointelegraph.com/uploads/2024-03/80911b10-ea93-4f4c-8117-8ae2e619fce9.png" alt="80911b10 ea93 4f4c 8117 8ae2e619fce9" title="XRP Experiences Significant Price Rally, Climbing Over 11% in 24 Hours 3">
<a href="https://whale-alert.io/transaction/ripple/7837C4713A0974E4A2E7E659B8CCD1E6624E6F8B37FF3DD17F93A7AD8A1F8EB0" rel="noopener noreferrer nofollow" target="_blank">Subsequent transactions</a> of similar magnitude indicate a preference among XRP’s wealthiest holders to retain their tokens off exchanges, potentially in anticipation of further price appreciation.
Data from Messari reinforces this trend, showing an increase in the number of addresses holding over 1 million XRP during this price rally. This accumulation by large investors (whales) is a positive indicator for XRP’s market sentiment and suggests potential for continued upward movement.
<figure style="width: 100%" class="wp-caption alignnone"><img fetchpriority="high" decoding="async" src="https://s3.cointelegraph.com/uploads/2024-03/98277d3b-fd23-4258-a6d1-5ca121295610.png" alt="XRP addresses with a balance of over 1M tokens." width="2396" height="1216" title="XRP Experiences Significant Price Rally, Climbing Over 11% in 24 Hours 4">
 <figcaption class="wp-caption-text">
 XRP addresses with a balance of over 1M tokens.
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<h3 id="capital-rotation-from-bitcoin-to-xrp">Capital Rotation from Bitcoin to XRP</h3>
Additionally, XRP’s price gains coincide with a notable recovery against Bitcoin (BTC). After hitting its lowest level since March 2021 at 0.00000859 BTC, the XRP/BTC pair rebounded by over 12%, indicating a shift by some investors from Bitcoin to altcoins like XRP in search of higher short-term returns.
<img decoding="async" src="https://s3.cointelegraph.com/uploads/2024-03/e3f42d8b-3a7e-4470-8d34-441e1b7a067f.png" alt="e3f42d8b 3a7e 4470 8d34 441e1b7a067f" title="XRP Experiences Significant Price Rally, Climbing Over 11% in 24 Hours 5">
This capital rotation is also a strategy for diversifying risk away from assets perceived as overbought, such as Bitcoin, which, despite its significant gains in 2024, shows signs of being overbought on daily timeframes. In contrast, XRP’s daily Relative Strength Index (RSI) remains in a neutral range, suggesting that compared to Bitcoin’s rally, XRP may have more room to grow.

XRP Experiences Significant Price Rally, Climbing Over 11% in 24 Hours

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