- XRP whales transferred tokens worth $233.76 million.
- The altcoin declined by 2.69% in 24 hours but remained in a bullish phase.
As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen my fair share of market fluctuations and whale activities. The recent transfer of $233.76 million worth of XRP by two whales has caught my attention. While it might seem counterintuitive that such a large movement would result in a minor decline, it’s essential to remember the intricacies of the crypto market.
After reaching a bottom of $0.49 earlier this month, Ripple‘s [XRP] value has soared to a peak of $1.26, representing an increase of 157.33%. This significant rise suggests that XRP is currently exhibiting robust upward momentum.
At press time, the altcoin surged by 98.50% on monthly charts and was trading at $1.09.
This situation has sparked discussions regarding its underlying causes. In the viewpoint of AMBCrypto’s examination, a notable factor seems to be an uptick in whale behavior.
Whales transfer $233 million worth of tokens
Amidst this year’s record-breaking prices, it seems that the ‘whales’ in the market have found a way to stay afloat. Consequently, there has been a significant increase in whale transactions over the past week, peaking at 1143.
Even so, the last 24 hours have seen two whales make massive transfers.
As per the data from the cryptocurrency whale monitor Whale Alert, two substantial investors (whales) carried out two separate transactions involving approximately 210,930,712 Ripple (XRP) tokens valued at a staggering $233.76 million each time.
According to their findings, a transaction of approximately 110,930,712 tokens valued at around $123.59 million was initially moved from Binance to a yet unidentified wallet.
As a researcher, I’ve observed an interesting occurrence: A second transfer of approximately 100 million units, valued at around $110.17 million, was made from one unidentified wallet to another. This transaction is worth noting in the blockchain world.
Transferring cryptocurrency tokens to unidentified digital wallets by whales typically indicates they are relocating their holdings from exchange platforms into personal wallets or cold storage for increased security and privacy.
This suggests that whales are not planning to offload their altcoins soon, indicating a high level of faith in its future worth. Their strategy seems to involve stockpiling with expectations of additional price increases.
Impact on XRP price charts?
Typically, the behavior of whales (large investors) can influence cryptocurrency market movements. However, it’s important to note that the recent decline in XRP’s price by 2.69% doesn’t necessarily mean these transactions were related to selling.
Even though the day-by-day graphs show a decrease, it appears that XRP is still experiencing a bullish trend. This dip might simply be a temporary retreat before another upward movement takes place.
The movement of large amounts of XRP from whales to exchanges has significantly decreased, going from 13,781 to just 703. This suggests that these big investors are holding onto their XRP rather than selling it on exchanges, keeping the tokens in their personal wallets instead.
This indicates a positive trend, since they seem to be stockpiling with the expectation that prices will rise in the future.
Moreover, the On-Balance Volume of XRP increased from 5.8 billion to 6.01 billion, indicating a rise in buying demand. It appears that the market is being driven by buyers who are amassing more of the altcoin, suggesting strong accumulation.
This trend implies that the current price surge is supported by increased trading activity, making it more likely to last over time.
It appears that these whale exchanges suggest they’re accumulating XRP, predicting potential future price surges. When whales make strategic moves with their assets, it signifies a positive outlook on the market.
Read Ripple’s [XRP] Price Prediction 2024-25
This indicates that XRP is experiencing positive sentiment and investor favorability.
Under these circumstances, the altcoin might continue to rise. If that happens, XRP could potentially reach its previous peaks of approximately $1.26 once more. Should it surpass this level, the next notable barrier for upward movement might be around $1.34.
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2024-11-20 19:36