XRP Whale Activity Rises With $23.3 Million Transfer, Market To Rally?

XRP whales have intensified their market activities with a massive transfer of 40 million XRP tokens, valued at around $23.3 million, from Bybit to a private wallet. This significant movement, reported by the crypto tracking service Whale Alert, highlights a growing trend among XRP whales. Such activities often signal a strategic positioning by these investors, possibly in anticipation of market shifts.

XRP Whales’ Massive Transfer of 40M XRP Tokens Sparks Market Excitement

According to WhaleAlert, the transfer of 40 million XRP tokens from the crypto exchange Bybit to a private wallet indicates significant market activity by large-scale holders. The transfer, estimated to be worth approximately $23.3 million, suggests a bullish outlook by the investor.

Further data from CryptoQuant underscores the scale of these transactions, with a reported 71 million XRP tokens withdrawn from various crypto exchanges on September 26. This pattern of large withdrawals and transfers by indicates a possible preparation for price movements as these major players adjust their positions.

Additionally, earlier this week, following the actions of Ripple co-founder Chris Larsen who offloaded a significant amount of XRP, the market observed an even larger transaction by whales. Notably, XRP whales moved approximately 430 million coins across various platforms.

Broader Implications of Recent XRP Movements

On a broader scale, the movements of XRP whales are setting a precedent for potential market reactions. The withdrawal of such significant amounts from crypto exchanges can lead to a tighter supply on open markets. This traditionally triggers a price increase if the demand remains constant or increases. The strategy is often employed by large investors to influence market favorably.

Adding to the intrigue, a former U.S. Securities and Exchange Commission (SEC) lawyer has hinted at a potential appeal in the ongoing Ripple case. This legal development could bring further volatility to the market, with Ripple’s XRP being at the center of regulatory discussions. Such legal undertakings can have profound effects on the liquidity and valuation of XRP.

Despite the substantial activity by XRP whales, the price of XRP has shown resilience, continuing to trade in a narrow range. This consolidation phase might soon see a shift due to the increased trading activity by whales. 

Moreover, a recent price analysis by CoinGape has highlighted that with the impending release of Ripple’s stablecoin RLUSD, the XRP community has engaged in speculation. The community has speculated that 

Among these speculations, one member suggested that the XRP price could reach $1 million, based on a hypothetical scenario where each XRP drop equates to $1. This theory stems from remark by XRP developer, who suggested that one RLUSD is equivalent to $1.

At the time of writing, the XRP price was recorded at $0.59, marking a slight increase of 0.65% on the day. This recent uptick comes amidst a 15%  rise in trading volume over the last 24 hours.

The post XRP Whale Activity Rises With $23.3 Million Transfer, Market To Rally? appeared first on CoinGape.

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Ronny Mugendi
CoinGape