XRP whales cause a stir in the XRP Community while holders speculate on what could be the reason for their latest moves. Data from the chain shows that these whales have moved a significant portion of their whales their belongings in the last 24 hours.
More than 63 million XRP tokens moved
Data from Whale Alert shows that two significant XRP transactions have taken place recently. The first was a transfer of 26,400,000 XRP from an unknown wallet to the crypto exchange Bitstamp. The second was a transfer of 36,964,930 XRP from the crypto exchange MEXC to an unknown wallet.
It is normal that transactions of such magnitude raise eyebrows, considering the impact that they could wear XRP price. Specifically, such transfers to centralized exchanges usually suggest that the whale would like to dump the crypto tokens to retail investors. If so, it could potentially lead to a significant drop in the altcoin’s price.
However, in this case it is worth mentioning that the first transaction in question is a recurring transaction, as huge amounts of XRP tokens have been reported switched from that same wallet to Bitstamp a few times.
It is believed that these transactions are taking place as a result of Ripple’s strategic partnership with the crypto exchange, with the latter utilizing the payment services of crypto company. Meanwhile, the nature of the second transaction also allays fears of an impending sell-off. This is because the tokens were sent from the MEXC to an unknown wallet and not the other way around.
As such, it is more likely to be a whale moving its XRP holdings to cold storage. This is more plausible considering that these whales could soon make huge profits based on recent price predictions.
Token price trailing $0.56 | Source: XRPUSD on Tradingview.com
Why the price may soon rise to over a dollar
Crypto analyst Ali Martinez recently offered a bullish story for the token’s price. He noted that the leading pattern behind the crypto token’s price action since June 2022 appears to be an ascending parallel channel. If this pattern continues, XRP could rise to between $0.80 and $1.10, the analyst hinted. These price levels form the middle and upper limits of the channel.
In a sequel X messageThe analyst now also suggested that maybe a good time for those who want to get in on the token. He stated that the weighed market sentiment for XRP had fallen to the lowest negative point since mid-May 2023. Moments like these can “present unique opportunities in the market,” Martinez claims.
At the time of writing, XRP is trading around $0.56, down over 1% in the past 24 hours. facts from CoinMarketCap.
Featured image from VOI, chart from Tradingview.com
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