A major XRP whale transaction has caught market attention as they accumulated nearly $52 million worth of the Ripple token. This move suggests at a bullish sentiment among traders as they focus on buying the dip in XRP price.
XRP Whale Makes Big Move
According to Whale Alert, the XRP whale scooped up 21.77 million tokens, worth approximately $51.94 million, from Binance and transferred it to an unidentified wallet. The transaction has sparked discussions about strategic buying amid the recent XRP price decline.
🚨 🚨 🚨 21,767,042 #XRP (51,937,457 USD) transferred from #Binance to unknown wallethttps://t.co/j8xb9fDL8m
— Whale Alert (@whale_alert) December 5, 2024
XRP price has fallen by over 6%, currently trading at $2.38. This downturn has placed the token well below its crucial resistance level of $2.90, a threshold it needs to surpass to aim for a new all-time high of $3. Market participants are now closely monitoring whale activities, which could signal a potential price reversal.
Worksport’s Bold Move into Crypto
Advertisement
In a related development, Worksport Ltd., a company specializing in solar-powered automotive innovations, has announced its entry into the crypto space. The firm’s board has authorized up to $5 million in Bitcoin (BTC) and XRP purchases as part of its corporate treasury strategy. However, the allocation will not exceed 10% of the company’s surplus operational funds, ensuring a cautious approach to this diversification.
Worksport’s strategy extends beyond merely holding crypto assets. The company plans to enable crypto payments on its e-commerce platform, aiming to reduce transaction costs by as much as 37%.
Additionally, it intends to convert interest generated from its money market accounts into digital assets. Worksport also plans to allocate a portion of future capital raises toward Bitcoin and XRP acquisitions, showcasing its commitment to integrating crypto into its operations.
Despite the ongoing price pressure, XRP remains a pivotal asset in the cryptocurrency ecosystem. Moreover, Worksport’s involvement could contribute to a price rebound, with a potential climb above the $2.50 mark being a critical first step.
Advertisement
Also Read: Crypto Community Welcomes Paul Atkins as New SEC Chair; BTC, ETH, XRP React
