XRP whales have recently transferred tokens worth $233.76 million, indicating increased activity among large holders of the altcoin. Despite a 2.69% decline in the last 24 hours, XRP has been on a bullish trend, with a significant surge from a low of $0.49 to a high of $1.26, marking a 157.33% increase. The altcoin’s monthly growth stands at 98.50%, currently trading at $1.09. This surge has raised questions about the driving factors behind XRP’s recent movements, with whale activity being a key consideration.
Whale transactions have seen a notable increase in the past week, reaching a peak of 1143 transactions. Two large whales recently made transfers totaling 210,930,712 XRP tokens worth $233.76 million. These transactions involved moving assets from exchanges to unknown wallets, indicating a strategic move by whales to hold onto their XRP in anticipation of future price appreciation. While these transfers do not directly impact selling pressure, they play a significant role in shaping price action for XRP in the short and long term.
Despite the recent decline in XRP’s price on daily charts, the altcoin remains in a bullish phase, with whale-to-exchange flow showing signs of bullishness as whales hold onto their tokens in private wallets. The On-Balance Volume for XRP has also seen an increase, indicating higher buying pressure and market dominance by buyers. This suggests that the recent price rally for XRP is supported by volume, increasing the chances of sustainability and further gains in the future.
The overall positive sentiment surrounding XRP, fueled by whale activity and investor favorability, suggests a potential for the altcoin to reclaim its recent highs and possibly reach $1.34 in the near future. The strategic positioning of assets by whales and the accumulation of tokens in private wallets indicate a strong confidence in XRP’s future value, paving the way for potential price appreciation. With whales hoarding XRP and expecting further gains, the altcoin could be poised for significant growth in the coming months.
