Large investors of XRP, referred to as whales, have moved approximately $20 million in XRP to untraceable digital wallets through several significant transactions. This transfer, combined with the recent surge in XRP’s value, has ignited discussions and arguments among the community regarding the potential future direction of the cryptocurrency.
A notable cryptocurrency tracker and reporter, Whale Alert on the XRP community, announced two large transactions. The first transfer moved about 19.9 million XRP, equivalent to roughly $10.9 million, from Binance to an unidentified digital wallet. Subsequently, a second transfer of approximately 18.8 million XRP, or around $10.3 million, was sent from Binance to another unknown wallet.
XRP whales have been actively buying large quantities of the cryptocurrency in quick succession, as evidenced by recent back-to-back transfers. This trend is significant, and its magnitude is further emphasized by a report from U.Today detailing a separate purchase of 24.5 million XRP, worth around $13.7 million.
XRP market sentiment
Large transactions involving XRP are happening around the same time as a significant jump in XRP’s price. According to CoinMarketCap, XRP’s price has risen by 10.63% over the past week, reaching $0.5455. The surge in price indicates a favorable market outlook for XRP, possibly drawing large investors to boost their XRP holdings in expectation of further profits.
The rising whale actions and price increases in XRP present possible gains for investors, but they bring along risks as well. The crypto market’s lack of transparency and the ability to conduct large transactions anonymously can lead to manipulation and unpredictable price swings. Keeping a close eye on these trends is essential for the XRP community, and investors must stay cautious.
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2024-04-24 18:21