XRP Witnesses Robust Whale Activity, Transfers 43 Million, Rally To Continue? – Coinpedia Fintech News
XRP, the Ripple Labs-backed cryptocurrency, has taken center stage as a significant whale that engages in massive token transfers of f over 43 million XRP to major exchanges, sparking interest and speculation in the crypto community.
XRP Whale Activity Surges
Blockchain tracking platform Whale Alert reported noteworthy whale activity surrounding XRP. The latest data reveals a notable XRP while conducting significant transfers to centralized exchanges, creating ripples in the crypto community.
As of November 23, an unidentified wallet executed transactions transferring a total of 43.80 million XRP to two prominent centralized exchanges, Bitstamp and Bitso. The first transaction, occurring approximately 9 hours ago, involved the movement of 18.10 million XRP to Bitso, valued at $11.02 million.
In another transaction, the same wallet sent 25.70 million XRP to Bitstamp, evaluated at $15.66 million.
While such transfers to centralized exchanges typically hint at a potential increase in supply, potentially impacting the token’s demand and price, the XRP value has surprisingly experienced a surge in the past day amidst heightened whale activity.
XRP Price Movement
Meanwhile, the XRP price has observed a modest increase of 2.82%, reaching $0.6075 today. However, trading volume has seen a notable decline of 25.57% over the past twenty-four hours.
Notably, XRP faced attention recently as its price momentarily dropped below the $0.6 mark. Contrary to expectations, the token showcased significant gains within the last twenty-four hours, capturing attention within the cryptocurrency markets.
Leading crypto analyst Dark Defender has expressed optimism about XRP’s future, projecting potential price targets of $1.05 and $1.88 in the short run.
As the XRP whale activity continues to unfold, market participants remain attentive to potential price movements and the broader impact on the cryptocurrency landscape.
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