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The XRP price soared 15% to trade for $0.6973 as of 02:06 a.m. EST time on trading volume that skyrocketed 315%.
The surge followed reports by Whale Alert on X that indicate large token movements from crypto exchange Binance. The blockchain data tracker identified a transfer of 300 million XRP tokens worth around $187 million by the time the tokens were leaving Binance’s address and deposited into an unknown wallet.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 300,000,000 #XRP (187,134,686 USD) transferred from #Binance to unknown wallethttps://t.co/n6uoHsu3BZ
— Whale Alert (@whale_alert) March 8, 2024
After this transfer, several others followed, defined by similar outbound transactions totaling approximately 18-19 million XRP each. These were moved from Binance to different addresses, and suggest that whales are accumulating XRP before the Ripple price extends north.
Nevertheless, some may argue that the large transactions were the handiwork of exchanges trying to move coins to new addresses in what is often referred to as internal wallet maintenance.
XRP Price: Growing Interest
Pointing to a growing interest in Ripple’s XRP token, the surge in price and trading volume also follows XRPLedger’s Automated Market Maker (AMM) activation. This feature will allow XRP holders to earn passive income by providing liquidity.
WOW! 💥
XRP LEDGER AMM AMENDMENT PASSED WITH MAJORITY VOTES, #XRP HOLDERS WILL EARN PASSIVE INCOME ON THIS CONDITION: https://t.co/ovgSHQlzat
— Amelie (@_crypto_lbarbie) March 11, 2024
In addition, the XRP holders that provide liquidity to AMMs could receive a proportionate amount of earnings by sharing risk.
Details About XRPLedger’s AMM As XRP Price Forges North
On March 22 at 22:10 GM, XRPLedger, a decentralized public blockchain, will see the activation of an AMM. This is according to data from XRPscan. XRP holders continue to anticipate a positive impact from this development on both the XRP price as well as Ripple.
The XLS-30D amendment, which put forward the activation of an AMM on the ledger, provides community members an opportunity to earn passive income by offering liquidity to pools. The main element of the AMM amendment is that the XRPLedger will be linked to decentralized exchanges (DEXes) seamlessly.
In addition, liquidity providers, who are effectively XRP holders, will also enjoy a proportionate amount of earnings courtesy of the liquidity staking pool. This is because they share the associated exchange risk. Specifically, there will be liquidity pool tokens for XRP holders who provide liquidity, also in proportion to their deposits, alongside voting privileges on the AMM’s trading charge.
According to Stedas, a crypto researcher, XRP holders can earn passive income from liquidity pools. This has been detailed in the visual representation below.
XRP Price Prediction As Ripple Community Members Anticipate XRPLedger’s AMM Activation
The XRP price broke above the confines of a descending parallel channel on the weekly timeframe, and is currently eyeing the $0.8000 threshold, nearly 15% above current levels. The odds favor the upside considering momentum is still rising as shown by the ascending Relative Strength Index (RSI).
The histogram bars of the Awesome Oscillator (AO) are also flashing green in positive territory, to show the bulls have a strong presence in the XRP market. The volume indicator is also registering growing histogram bars, pointing to a trend that is growing stronger.
If the bulls have their way, the XRP price could extend north, potentially going as high as the $1.0000 psychological level. In a highly bullish case, the XRP price could foray into the supply zone between $1.0133 and $1.5655. A break and close above its midline at $1.2887 would confirm the continuation of the primary trend.
TradingView: XRP/USDT 1-week chart
On the other hand, if the bears have their way, the XRP price could drop below the $0.6421 support, with the potential to extend lower. A break and close below the $0.4734 buyer congestion level would invalidate the bullish thesis.
Even as traders anticipate more gains for the XRP price, traders can’t help but notice the performance of Sponge V2, a new meme coin that’s pumped 65% in the past week.
Promising Alternative To XRP
Sponge V2 ranked by analysts as a top meme coin pick for exponential gains, announced the discontinuation of its predecessor, Sponge V1, on Feb. 1. With this, the project migrated to the Polygon chain after a malicious attack on its liquidity pool.
The project is making a strong comeback in 2024, thanks to the exciting launch of its sequel, bringing forth a new and special staking model, a Play-to-Earn (P2E) game, and a big marketing budget.
📣 Attention, #SPONGERS!
Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon! 🔥
Learn more about the token details below 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
Experts say Sponge V2 is poised to repeat the success of its predecessor, $SPONGE, which recorded 100x gains after its launch last year.
Token holders are enjoying annual percentage yields (APY) as high as 176% on Ethereum and 477% on Polygon. Already, upwards of 9.170 billion tokens have already been staked. That is a key reason why analysts rank it among the top five cryptos to invest in now.
To increase community engagement, Sponge V2 has also introduced a new P2E racer game where players can compete against each other for a chance to win SPONGE V2 tokens as rewards. Meme coins with a great staking program are in high demand.
With rumors of listings on top tier exchanges coming soon, the token may see more parabolic gains in the near future. So, if you are interested, buy and stake $SPONGE today and it could set up your crypto portfolio for spectacular returns.
To buy SPONGE V2, visit the official website here.
Also Read:
- Bonk Crypto Price Prediction – $SMOG & $SPONGEV2 Emerges As Top Meme Coins Alongside $BONK
- Is Sponge V2 The Top Altcoin To Invest In, As Staking Exceeds $12 Million?
- Cilinix Crypto Video Update on New P2E and Staking Crypto – Should you still buy $SPONGEV2?
- Sponge Token Staking Surpasses $10 Million, Anticipation Builds For V2 Release
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