Given that millions of digital currencies have been seen on-chain in the last day, XRP whales are active. Whale Alert, a cryptocurrency analytics tool, reports that there have been at least two significant whale moves thus far. The largest, comprising over 50,000,000 XRP, or $27,602,730, was transferred from the CryptoCom exchange to an unidentified wallet.
https://x.com/whale_alert/status/1718890733782937680?s=20
In the second XRP whale movement, 26,700,000 XRP worth $14,829,710 at market value were transferred from an unidentified wallet to Bitstamp. Interestingly, these tokens’ motions probably indicate many meanings. Although the money moving from an unidentified wallet to Bitstamp would suggest a probable sell-off, the money coming from CryptoCom might be related to possible safekeeping.
It is extremely improbable that this permutation will be true because there is no way to assess the motivations of these token owners. The outflow from CryptoCom to an unidentified wallet may also be tangentially linked to over-the-counter (OTC) transactions, the majority of which are often not observed on-chain, given how useful XRP is becoming every day.
Furthermore, the XRP supplied to Bitstamp may also be designated for a few of the trading platform’s passive-earning items. Notably, XRP is now highlighted as a cryptocurrency with a strong growth potential on a number of sites.
How is XRP price reacting
Many industry participants are already labelling this as a warning sign that might indicate an imminent sell-off, as can be seen from the comments that followed the whale transfer updates. Even with this pessimistic outlook, XRP is now trading positively, up 1.2% to $0.5537 as of this writing.
With a 57% increase in trade volume to $797.9 million to go along with this remarkable growth rate, XRP has become one of the most sought-after coins on the market. Even if following a strong October corrections are usually not ruled out, it appears like XRP is poised for further aggressive gains in the near future.
