Recent on-chain data has revealed that XRP Whales have moved a significant portion of their holdings in the last 24 hours, causing speculation within the XRP community. Over 63 million XRP tokens have been moved in two significant transactions. The first transaction involved a transfer of 26,400,000 XRP from an unknown wallet to the crypto exchange Bitstamp. The second transaction saw a transfer of 36,964,930 XRP from the crypto exchange MEXC to an unknown wallet.
Such large transactions often raise concerns due to the potential impact they could have on XRP’s price. Transfers to centralized exchanges usually suggest that the whale could be looking to sell the crypto tokens on retail investors, which could potentially lead to a significant decline in the altcoin’s price.
However, it’s worth noting that the first transaction is a recurrent one, with large sums of XRP tokens having been moved from the same wallet to Bitstamp on multiple occasions. These transactions are believed to be a result of Ripple’s strategic partnership with the crypto exchange, which uses the crypto firm’s payment services. The nature of the second transaction also alleviates fears of an impending sell-off, as the tokens were sent from the MEXC to an unknown wallet, not vice versa. It is more likely that a whale is moving their XRP holdings to cold storage, especially considering recent price predictions that suggest these whales may soon see huge gains.
At the time of writing, XRP is trading at around $0.56, down over 1% in the last 24 hours, according to data from CoinMarketCap.
Crypto analyst Ali Martinez recently offered a bullish narrative for the token’s price. He noted that the governing pattern behind the crypto token’s price action since June 2022 appears to be an ascending parallel channel. If this pattern continues, XRP could rise to between $0.80 and $1.10, the analyst suggested. In a subsequent post, Martinez also suggested that now may be a good time for those looking to invest in the token. He stated that the weighted market sentiment for XRP had dipped to its lowest negative point since mid-May 2023, which can present unique opportunities in the market.
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| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Ali Martinez |
| Companies | Bitstamp, NewsBTC, Ripple, MEXC, CoinMarketCap |
| Currencies | XRP |
| Securities | None |
