A wallet tied to the bankrupt crypto exchange Mt. Gox has once again moved a massive number of bitcoins (BTC) as the entity’s creditor repayment plans come to fruition.

Data from the market intelligence platform Arkham revealed that the Mt. Gox wallet labeled 1PuQB transferred 11,834 BTC worth approximately $1.07 billion to an unknown address tagged 1Mo1nW.

Mt. Gox Moves $1B BTC

The Mt. Gox wallet executed the transaction around 03:17 UTC on March 6. It is worth mentioning that the defunct firm also sent another 166.5 BTC worth $15.12 million to its cold wallet labeled 1Jbez.

The last time Mt. Gox made such a large transfer was in early December 2024, around the same time BTC crushed $100,000 for the first time. The entity moved 27,871 BTC, worth around $2.8 billion per bitcoin’s price at the time, to an unidentified address.

Although wallets tied to Mt. Gox have executed several transfers since then, none have been as massive as its latest one. On December 19, the bankrupt firm moved bitcoins worth $100 million to three separate addresses. Another $89 million worth of assets followed suit on December 23, while the last transfer on January 30 totaled $420,000.

On previous occasions, large transfers from Mt. Gox have triggered bearish sentiment among market participants. Bitcoin has often reacted negatively as traders become wary of a potential sell-off following such large movements.

However, the leading cryptocurrency has shown little to no reaction to the news this time, even though it was stopped at almost $93,000. For now, it remains above $91,000.

Creditor Repayments Ongoing

Undeniably, the transfers from Mt. Gox’s bitcoin wallet are part of the entity’s ongoing repayment efforts. Once the largest BTC exchange over a decade ago, Mt. Gox started having financial troubles after a series of attacks saw around 950,000 BTC vanish from the platform.

In July 2024, the Mt. Gox trustee began creditor repayments using BTC and Bitcoin Cash (BCH), with a redistribution deadline set for October of the same year. However, the trustee eventually extended the deadline to October 2025, citing several reasons, including incomplete procedures by numerous creditors.

Additionally, Mt. Gox mentioned a system error that caused double deposits for some creditors as part of the reasons for the deadline extension. So far, around 17,000 creditors have received their repayments, with more to be settled in the coming months.

Bitcoin’s price recovery continued in the past 24 hours as the asset reclaimed the $90,000 level and neared $93,000 for the first time since the crash earlier this week.

The altcoins are also well in the green on a daily scale, with XRP going close to $2.6, while SOL is near $150.

BTC Above $90K

It has been a wild ride in the cryptocurrency space in the past several weeks. Just this past Sunday, when BTC’s price had calmed at around $85,000 following the previous rollercoaster, President Trump confirmed plans to create the US crypto strategic reserve and namedropped several assets, including bitcoin.

Its price reacted with an immediate surge that drove it north by ten grand within hours. After reaching that multi-day peak, though, the bears stepped up and pushed the cryptocurrency down by $13,000. As a result, BTC found itself dropping to $82,000 on Tuesday.

The bulls managed to defend that level and didn’t allow any dip beneath $80,000. Just the opposite, bitcoin started to recover some ground and spiked above $90,000 during the Thursday Asian trading session.

Its ascent was stopped at $93,000, but the asset still trades above $90,000 despite a minor rejection. Its market capitalization has tapped $1.8 trillion on CG, while its dominance over the alts is above 58%.

Alts Turn Green

Most altcoins have also charted impressive gains over the past few days and since yesterday. Chainlink and Avalanche are now leading the way from the larger-cap alts. LINK has jumped by another 7% and now sits above $17. AVAX has neared $22 after a 5.5% increase.

XRP, SUI, SOL, and DOGE have risen by about 3-4%, while ETH, TRX, and LTC are also in the green. Even more impressive gains come from MOVE, ONDO, and CRO, all of which have jumped by double-digits in the past day.

The total crypto market cap has added nearly $80 billion since yesterday and is up to $3.080 trillion on CG.

TL;DR

• XRP surged by double digits in the past week, driven by Trump’s crypto reserve announcement. Analysts see parallels to 2017, predicting a potential surge to somewhat ridiculous levels.

• On the other hand, some warn of a bearish H&S pattern, suggesting a pullback unless XRP clears $2.85.

What Could Be Next for XRP?

Despite the experienced volatility, Ripple’s native token remains one of the best-performing leading cryptocurrencies, with its price soaring by almost 15% in the past week and currently trading at around $2.57. Perhaps the most evident factor contributing to its rally is Donald Trump’s announcement that his administration will create a strategic crypto reserve that will include XRP (among other assets).  

Pro-Ripple market observers (who are usually quite vocal) have noted the token’s resurgence and made interesting price forecasts for the near future. 

The X user JAVON MARKS suggested that the pattern XRP broke out of in November 2024 resembles that of 2017. As such, the analyst expects a bull run “greater than many think or even imagine to possible.”

CrediBULL Crypto said the asset’s valuation has declined by 15% from where they took profit, and the trader now doubts they will get another chance to increase their exposure at prices below $2. 

“OI has completely reset back to levels it was at before our 5x impulse off the lows, spot premium is steadily increasing here at the highs, and funding is even flipping negative,” they stated. 

Overall, the analyst claimed that XRP looks “incredibly healthy here, and any dips that we may get are a gift.”

For their part, EGRAG CRYPTO recently outlined a truly shocking prediction. The X user maintained that XRP could be gearing up for its next “big leap” due to several factors, such as a retest of “the bull market support band” and a “noise consolidation” at the $2-$3.40 range. 

They reminded that in 2017, the coin followed “a classic Fib extension move, smashing Fib 1.618, consolidating, then making another parabolic move to Fib 2.236.” The analyst thinks that if history repeats, this could result in a price explosion in the $27-$222 range.

Such high levels would require XRP’s market cap to skyrocket to at least $1.5 trillion. The current capitalization of the asset is less than $150 billion, making the prediction somewhat unlikely.

A Reversal in the Cards?

Contrary to the overall bullishness among industry participants focusing on XRP, some believe a pullback is not out of the question. 

One X user recently suggested that the asset’s pattern remains on “H&S watch,” envisioning a potential bearish reversal. The market observer claimed that XRP should soar above $2.85 to negate the chances of a correction.