After multiple days of consistent declines, with XRP nearing a retest around $1, XRP has suddenly flipped to the bullish side as its price shows a sharp resurgence within the last hour.
Despite this impressive price resurgence, data from on-chain tracking platform Whale Alert shows that an unknown whale has transferred 50,000,000 XRP, worth a massive $115.29 million, to Gemini Exchange.
While XRP large holders have consistently strengthened the network, moving the asset in large quantities despite recent corrections, the latest transfer seems bearish for the XRP ecosystem, as whales appear to be dumping.
XRP sees sharp price resurgence
The move, spotted during the latter hours of Friday, November 7th, came at a time when the entire crypto market unexpectedly turned positive after about a week of persistent declines.
Earlier today, XRP was trading in the deep red and even fell as low as $2.16. However, the asset has staged a sharp rebound, surging roughly about 3% and reclaiming the $2.30 level within the last hour.
While the large XRP transfer had happened shortly after this positive turnaround, the XRP community has expressed belief that the transfer was a deliberate move by the whale to sell off its holdings or take profits recovered amid the sudden price resurgence.
With XRP rebounding quickly while broader market sentiment flips green, many commentators have also suggested that the whale may have moved the tokens to capitalize on the renewed momentum.
While the reason behind the 50 million XRP transfer to Gemini remains unconfirmed, the move has sparked speculations across the crypto market, as market watchers are carefully observing on-chain movements to predict the asset’s next price action.
Nonetheless, market participants are confident that the move might not directly impact the current price of XRP.
Over the last 24 hours, data from CoinMarketCap shows that it is now showing a daily surge of 5.16%, while trading at around $2.33 as of press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team