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The crypto market has been rallying up since last week, and the XRP community is also awaiting major price gains. Consequently, XRP whales have started to stun the market with their epic moves and strategic market shifts. Crypto tracking service Whale Alert has detected a huge XRP purchase from one notable whale.
Whale Alert tweeted that 40 million XRP tokens were transferred by this investor from crypto exchange Bybit to its private wallet. This XRP transfer is estimated to be worth around $23.3 million, based on the current XRP price. This massive XRP purchase is expected to inject bullish momentum onto the market.
Moreover, this is part of a broader XRP buying spree from these large investors. Another massive transfer of 30 million XRP was detected recently, as reported by U.Today. It appears that these XRP traders are bullish on the coin, and they are expecting substantial gains in the near future.
Data from crypto analytics firm CryptoQuant reveals a broader picture of this notable XRP buying spree. It reveals that almost 71 million tokens were withdrawn from exchanges on Sept. 26, and more than 55 million tokens have been withdrawn so far today. All these figures reflect frequent XRP purchases from investors.
XRP price rally coming?
The XRP price, as of writing this article, is trading at $0.5866, which is down 0.66% in the last 24 hours. Despite the positive momentum in the broader crypto market and coins like Bitcoin (BTC), XRP is still stuck in an extended consolidation phase. Its sideways movement is persisting with no signs of short-term gains.
However, this situation may change in the coming days. The 24-hour trading volume of XRP has surged 17.75% to $1.2 billion. This rise in trading activity reflects the strong bullish sentiment among traders, who frequently engage in buying activity. Hence, the XRP price may surprise the broader market and ignite a rally in the near future.
Tomiwabold Olajide
Arman Shirinyan
Dan Burgin
Vladislav Sopov
U.Today Editorial Team