XRP recently witnessed a spike in buying activity, pushing its price to the $0.60 mark. However, this upward momentum has since slowed down, leading to a phase of sideways consolidation. During this period, significant transfers involving large amounts have caught market attention.
Major XRP Transactions Involving Exchanges
On September 24, 2024, a newly activated address by Bitstamp transferred millions of XRP in four separate transactions to a single receiving wallet. These transfers totaled 383 million XRP.
The first transaction, occurring at 16:07 UTC, saw 98.852 million XRP, worth about $57.8 million, moved between two unknown wallets. This was followed by three additional transfers of 95 million each, valued between $55.5 million and $55.8 million, all happening within minutes.
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After these transactions, the receiving wallet sent 1 million XRP to another unknown wallet, sparking speculation among market participants. Further activity also caught attention, as Upbit, a South Korean exchange, moved 30 million XRP, valued at $17.4 million, to an unidentified wallet.
Movements of Whale Spark Market Speculation
Whale Alert, a crypto transfer tracker, flagged these large transactions. Whale movements like these are often viewed as bullish, suggesting that large holders may intend to hold rather than sell, thus reducing market sell pressure.
Related article: Ripple Transfers 100 Million XRP Amid Whale Activity Concerns
In addition to these major transactions, Chris Larsen, Ripple’s co-founder, moved 20 million XRP from his known wallet to a private wallet previously associated with Binance sales. This transfer has fueled concerns about potential sell-offs, adding to the market speculation.
Despite these large transfers, analysts continue to monitor XRP’s price closely. Sahintas, a market analyst, believes that it could potentially double its previous all-time high in the coming months. While XRP’s price has been volatile, it has shown potential for a breakout. Earlier this month, its dropped to $0.5026 but later rebounded, testing the $0.60 resistance level.
