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XRP, the sixth-largest cryptocurrency by market capitalization, has seen significant token transfers over the last 24 hours. Blockchain data tracker Whale Alert reported two large XRP transactions within this time frame, totaling about 44 million XRP shifted.
Both transactions involved moving substantial amounts of XRP from prominent exchanges to unknown wallets, typically a signal of either large-scale accumulation by whales or preparation for use in off-exchange activities.
According to Whale Alert, the most recent transaction involved the transfer of 18,783,349 XRP (valued at approximately $27,227,070) from Major crypto exchange Binance to an unknown wallet.
This substantial movement was preceded by another significant transfer of 25,000,000 XRP (worth around $36,676,055) from Upbit to an unknown wallet.
Large transactions like these often lead to speculation about the motives behind them; however, the actual explanation behind these transfers remains unknown.
Tomiwabold OlajideThe transfer of XRP from exchanges to unknown wallets could indicate institutional investors or whales accumulating tokens for long-term holding. It might indicate a move to cold storage reducing available liquidity on exchanges and potentially signaling bullish sentiment. On the other hand, the transfers might be just a reshuffling of funds.
XRP price action
At the time of writing, XRP was up 3.29% in the last 24 hours to $1.46. This price movement suggests a positive market response, probably driven by the overall bullish sentiment on the cryptocurrency market, which saw Bitcoin make a shot at the $98,000 level.
XRP fell by over 17% four days after reaching a multi-year high of around $1.63. However, XRP still retains its weekly and monthly gains. XRP is 29% weekly, while monthly, XRP is up by almost 180% in its best month since April 2021.
XRP rebounded from lows of $1.28 in Tuesday's trading session to reach highs of $1.52 in Wednesday's session. The rally stopped short, with today's highs reaching $1.49.
If the rebound is sustained, XRP might eye the psychological milestone of $2. On the other hand, if the XRP price declines, the $1 level could act as short-term support. A deeper retracing, however, may revisit the $0.85 level.
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