HomeNews70 Million XRP Tokens Shifted by Whales as XRP's Rally Continues

70 Million XRP Tokens Shifted by Whales as XRP’s Rally Continues

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  • XRP witnesses substantial movements by whales, totaling 70 million tokens across major cryptocurrency exchanges.
  • Despite these whale shifts hinting at a selling strategy, the XRP price shows resilience, nearing the $0.63 mark.

Whale Transfers: A Glimpse into XRP’s Market Dynamics

The cryptocurrency space is closely monitoring Ripple‘s native token, XRP, as significant whale activities have recently been reported. According to Whale Alert, a renowned tracker of large cryptocurrency transactions, there have been three notable XRP transfers in the past 12 hours.

The most prominent of these involved a transfer of 24.9 million XRP tokens, valued at approximately $15.3 million, from an unidentified wallet to Bitstamp, a leading digital asset exchange. This transaction suggests a potential selling strategy by the whales.

Additionally, two other major movements were observed. One involved the transfer of 25.2 million XRP tokens, equivalent to $15.54 million, from an anonymous wallet to Bitso, a cryptocurrency trading platform. The other notable transaction involved moving 20 million XRP coins, worth over $12 million, to Bybit, another prominent crypto exchange.

XRP Price: A Resilient Rally Amid Whale Moves

Intriguingly, these whale movements have coincided with a robust performance in XRP’s market price. As of December 22, 2023, the XRP token traded at $0.6212, reflecting a 0.78% increase. The cryptocurrency’s market capitalization stood strong at $33.6 billion, showcasing a growth of 1.05%. Moreover, the 24-hour trading volume for XRP experienced a 5% boost, reaching $1.40 billion.

Despite the apparent sell strategy by whales, XRP’s price resilience indicates a positive market sentiment and growing confidence among investors. The cryptocurrency has displayed an impressive performance over various timeframes, with a 1.83% decrease in the last seven days but a 4% rise over the past 30 days. Notably, XRP has surged by 80% in the previous 12 months, underscoring its potential for continued growth and investor interest.

Anticipating XRP’s Future Trajectory

The recent whale activities and the accompanying price resilience of XRP have sparked speculation and interest in the cryptocurrency’s future direction. Market analysts and investors alike are keenly observing these developments, anticipating whether the current trends will lead to a sustained rally or a shift in the market dynamics. As the crypto landscape continues to evolve, XRP‘s journey offers a compelling case study of the intricate interplay between large-scale transactions and market reactions.

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Marcel Knobloch
Marcel Knobloch
Marcel is the managing partner of ETHNews and is also known as Collin Brown in the crypto community. He is a seasoned Bitcoin investor who entered the crypto scene during its early stages and has since become a veteran trader in both the cryptocurrency and forex markets. His journey began in 2012 when he made his first investment in Bitcoin, marking the beginning of his deep-rooted passion for blockchain technology and digital assets. With a mission to demystify the intricacies of blockchain for the masses, Marcel endeavors to bring the world of cryptocurrencies closer to everyone. His insightful reports are dedicated to shedding light on the latest developments and innovations within the realms of Bitcoin, Ethereum, Ripple (XRP), IOTA, VeChain, Cardano, Hedera, and numerous other cryptocurrencies. Marcel's in-depth analysis and commitment to providing accessible information make him a trusted source for both novice and experienced crypto enthusiasts. Marcel's academic background includes a Master's Degree in Business Education, which has equipped him with a solid foundation in financial markets and investment strategies. Over the past decade, he has amassed invaluable experience working with various startups across the globe, enriching his knowledge and understanding of the ever-evolving cryptocurrency landscape. With his wealth of expertise and dedication to empowering others with crypto knowledge, Marcel continues to be a driving force in the cryptocurrency community. Business Email: marcel.knobloch@hotmail.com Phone: +49 160 92211628