As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of mysterious transactions like these XRP moves that recently surfaced on-chain. The timing of these transfers is particularly intriguing, as they come at a time when many analysts are anticipating an upward trend for XRP.
Numerous unidentified XRP transfers have surfaced on the blockchain, leaving the XRP community in awe. The significance of these transactions lies in their timing, as XRP is poised to ignite a massive price surge. Many financial experts have been anticipating an upward trend from this digital currency.
According to the on-chain monitoring service Whale Alert, a significant transfer of 102 million XRP (approximately $61 million at current prices) has taken place between two unidentified crypto wallets.
In the second transfer, another XRP whale moved over 26 million XRP coins to Mexico-based crypto exchange Bitso. These coins were estimated to be valued above $15 million. However, this is not it. Whale Alert has detected another prominent XRP move from another XRP whale.
Recently, a whale moved approximately 26 million XRP to the European cryptocurrency exchange Bitstamp, which equates to over $15 million. When combined with two other transfers within the past day, these three transactions amounted to around $113 million, as nearly 155 million XRP coins were exchanged in total during that timeframe.
Impact on XRP‘s price
Significant actions by whales often influence the cost of XRP noticeably. Yet, it’s premature to foresee the exact consequences of these transactions. Furthermore, their signals seem ambiguous. The first transaction doesn’t show signs of a sale or purchase, but the last two could indicate potential selling behavior.
In simpler terms, even though the current selling pressure might temporarily lower the price of XRP, it’s anticipated that XRP can withstand such pressure. At the moment of writing this article, XRP is being traded at $0.6002, representing a minor drop of 0.23% in the past day. Given that XRP has managed to overcome the important $0.60 threshold, it’s likely that its price will rise from here on out.
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2024-08-23 16:00