are causing a stir in the as holders speculate on what could be the reason for their latest moves. On-chain data shows that these whales have moved a significant portion of in the last 24 hours.
Over 63 Million XRP Tokens Moved
Data from Whale Alert shows that two significant XRP transactions have occurred recently. The first was a from an unknown wallet to the crypto exchange Bitstamp. The second was a from the crypto exchange MEXC to an unknown wallet.
It is normal for transactions of such magnitude to raise eyebrows, that they could have on XRP’s price. Specifically, such transfers to centralized exchanges usually suggest that the whale could be looking to dump the crypto tokens on retail investors. If so, that could potentially lead to a significant decline in the altcoin’s price.
In this case, it is, however, worth mentioning that the first transaction in question happens to be a recurrent one, as huge sums of XRP tokens have been reported on a couple of occasions to have moved from that same wallet to Bitstamp.
These transactions are believed to occur as a result of Ripple’s strategic partnership with the crypto exchange, with the latter using the . 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 who is moving their XRP holdings to cold storage. This is more plausible, considering that these whales may soon see huge gains based on recent price predictions.
Token price trailing $0.56 | Source:
Why Price Could Rise To Over A Dollar Soon
recently offered a . He noted how the governing pattern behind the crypto token’s price action since June 2022 looks to be an ascending parallel channel. If this pattern continues, XRP could rise to between $0.80 and $1.10, the analyst hinted. Those price levels are the channel’s middle and upper boundaries.
In a subsequent , the analyst also suggested that now for those looking to get in on the token. He stated that the weighted had dipped to its lowest negative point since mid-May 2023. Moments like this can “present unique opportunities in the market,” Martinez claims.
At the time of writing, XRP is trading at around $0.56, down over 1% in the last 24 hours, according to from CoinMarketCap.