In an exciting development, over 100 million XRP coins have been bought in the last 24 hours, despite the token's recent price fluctuations. This substantial purchase, valued at $52 million, was made by large investors from the renowned exchange Binance, sparking speculation of a possible price increase for the cryptocurrency supported by Ripple Labs. Many traders and investors in the crypto market are paying close attention to this move, anticipating XRP might reach its third wave price target of $1 during this bullish cycle.

The large transactions have sparked hope among investors. Data from Whale Alert, an on-chain transaction tracking service, showed that two significant transactions were responsible for this accumulation. The first transaction saw 50.30 million XRP transferred to the address rfQ9EcLkU6...eN47Rk8Cvi, and the second transaction moved an equal amount to rarG6FaeYh...gFsPn2bZKk. Notably, both of these addresses were activated on the same day, according to Bithomp, raising questions about the intentions behind these purchases.

Market sentiment has turned optimistic with these massive buys. It’s important to note that these coins were accumulated when XRP was trading at around $0.51. CoinGape Media recently reported that XRP accumulations have been increasing at similar price levels, which, combined with the prevailing $1 price target optimism, has created a positive outlook for the token.

At the time of writing, XRP was trading at $0.5187, reflecting a stable trading day. The token’s 24-hour trading range was between $0.5127 and $0.5241. Additionally, the futures open interest (OI) for XRP increased by 2% to $616.16 million, suggesting growing investor interest in the futures market, although the overall trading volume decreased by 9%, indicating less market activity.

This combination of data presents a mixed picture for XRP. While massive purchases have led to hopeful speculation, current trading activity remains subdued. However, the significant accumulation by large investors suggests a promising future for XRP in the crypto market.