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XRP is seeing intense trading activity today. According to data from Whale Alert, more than 26 million XRP tokens were transferred from crypto trading platform Binance to an unknown crypto wallet earlier today. Per the current price levels of the coin, this XRP transfer is estimated to be worth around $16 million.
This transaction from the XRP whale has emerged owing to various reasons. For instance, it is likely that the whale has bought these coins and plans to hold them. Notably, crypto whales typically transfer tokens from an exchange to their personal crypto wallet to hold them for the foreseeable future.
As a result, this XRP purchase is considered a bullish signal as it shows rising investor confidence in the coin's price growth in the near future. Moreover, the XRP whale appears to be planning to hold onto these tokens for a longer period rather than sell them for profits/losses immediately. Overall, this whale accumulation trend can give a major boost to the XRP price.
XRP price movements
Amid this positive development, the price of XRP has faced a minor dip in the last 24 hours. It is currently standing around $0.5963 after a 3.51% decrease during this time. However, this price decrease is short term, as it does not overlook the overall bullish performance of XRP in the last few weeks.
The brainchild of Ripple has seen a huge 9.48% increase in its price over the last week. This tells us about the rising investor interest and confidence in it. Additionally, the XRP price is up 22.18% over the last 30 days, which further confirms the fact that the coin is still in a bullish trend.
Meanwhile, the broader crypto market has been witnessing increasing volatility recently. Various factors have been impacting the price movements of coins like XRP. Regulatory issues, political events around the world and product developments within the industry have been playing key roles in impacting market outlook.
For XRP, which is known for its strong ties to the traditional financial sector through its parent firm Ripple, these factors are particularly impactful. Overall, the rising whale activity, coupled with XRP's price performance, offers insight into current bullish sentiment. It shows a more optimistic outlook for long-term XRP holders.
Tomiwabold Olajide
Denys Serhiichuk