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The large XRP movement attracted the attention of the cryptocurrency community as more than 29 million XRP was transferred to the main encrypted currency exchange exchange, according to data from Whale Alert.
In a recent tweet, what alert I mentioned “29,532,534 XRP has been transferred with a value of 92,686,314 dollars from an unknown wallet to Coinbase.”
One of the reasons for transferring symbols to stock exchanges is to sell them, although this may not be the case in this scenario, with the possibility of other reasons.
The purpose of transportation may be additional liquidity for Coinbase. Exchanges often receive large flows from the portfolio to ensure enough supply to increase trading sizes, especially during the volatile market periods or increased demand.
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This step can also be just a redistribution of money, with XRP redistribution for diversification. However, the exact cause of this step is still unknown.
At the time of writing this report, the XRP price increased by 1.06% over the past 24 hours to $ 3.13. Since January 16, the price has settled widely between $ 2.82 and $ 3.40.
The range has been narrowed in the past few days, indicating that a large movement may be on the horizon. In this scenario, the constant penetration over $ 3.4 may target $ 4, while support at the simple moving average remains 50 at $ 2.55 if the price decreases.
XRP Ledger is an impressive growth
according to TrackAccording to the last quarter report of 2024, XRP LEDGER has seen growth through all important measures, including NFTS.
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In the fourth quarter, the total NFT transactions increased by 460%, while increasing the NFT and burning transactions by 855% and 1,850%, respectively. Moreover, NFT creation and acceptance transactions for offers increased by 80% and 62%, respectively, while NFT’s cancellation transactions increased by 99%.
As is the case in the fourth quarter of 2023 and the first quarter of 2024, the great height of mint activity led to the superiority of NFTOKENMINT over NftokenCreateoffer as the most common types of NFT transactions in the fourth quarter of 2024. Previous The second and third quarters of 2024.
As of the end of the fourth quarter, approximately 7.5 million NFTS was sold using the XLS-20 standard. It is worth noting that more than 3.4 million of them came in the fourth quarter of 2023.
