XRP, the seventh largest cryptocurrency by market capitalization, saw a flurry of activity as a staggering 74 million tokens were mysteriously transferred to various wallets in a series of transactions.
The significant transfers of XRP tokens, which might suggest whale buying, have sparked speculation and intrigue within the XRP community and the broader cryptocurrency market.
XRP has seen volatility in the last 24 hours, with its price falling amid a broader market downturn. At the time of writing, XRP was down 1.14% in the last 24 hours to $0.516, after dipping to intraday lows of $0.5077.
In what might coincide with a strategic move by crypto whales to buy the dip, millions of XRP tokens have been moved within the last 24 hours to various unknown wallets from crypto exchanges such as Binance and Bitvavo.
Whale Alert, a cryptocurrency data tracker, reveals three transactions totaling more than 74 million XRP.
In two separate transactions, 24,059,884 XRP worth $12,390,804 and 26,336,059 XRP worth $13,563,030 were transferred from Binance to unknown wallets. The third transaction involved 24,118,600 XRP worth $12,461,230 being transferred from the Bitvavo exchange to an unknown wallet.
This series of transactions has raised questions about the motives and intentions behind the movement, as well as the fact that the identities of the receiving wallets remain unknown.
Not ruling out funds' reshuffling, the transactions could be related to whales or large holders seeking to capitalize on market trends. Keep in mind that withdrawals from cryptocurrency exchanges may indicate buying.
According to on-chain data from Santiment, XRP may be undervalued, with a profit ratio of 77% now. The low percentage of supply in profit, when compared to other cryptocurrencies such as Bitcoin and Ethereum, may indicate undervaluation.
The increase in whale activity may represent a belief that XRP is undervalued and that investors are taking advantage of the opportunity to accumulate coins at lower prices.