A recent surge in on-chain data has revealed that nearly 100 million XRP coins were accumulated in the past 24 hours, despite fluctuations in the cryptocurrency's price. This significant accumulation has sparked excitement among crypto traders and investors, with many anticipating a potential price rally for the Ripple Labs-backed token.

Whale Transactions Spark Bullish Sentiment

Data from Whale Alert shows that two whales from Binance were responsible for this substantial accumulation. The transactions involved the movement of 50.30 million XRP coins to two separate addresses, both of which were activated on the same date. This coordinated effort has fueled market optimism, with many believing that this accumulation could be a sign of a price rally ahead.

Price Target of $1 in Sight

The accumulation of XRP coins has been accompanied by a wave of optimism, with many anticipating that the token will reach its wave three price target of $1. This target has been a subject of much speculation in recent days, with many believing that the token has the potential to reach new heights.

Market Sentiment and Price Action

As of writing, XRP traded at $0.5187, with its 24-hour lows and highs recorded at $0.5127 and $0.5241, respectively. The token's futures OI jumped 2% to $616.16 million, indicating increased investor enthusiasm in the futures market. However, the derivatives volume plunged 9%, suggesting reduced market activity.

Speculations and Future Outlook

The accumulation of XRP coins has shrouded the token in a cloud of speculations, with many believing that this could be a sign of a price rally ahead. The token's tight trading session today has further fueled this optimism, with many anticipating that XRP will continue to rise in the coming days.