According to Ali Charts, Ripple’s whales have been trading at a significant premium lately. In the previous 10 days, over 380 million XRP have been bought, valued at roughly $228 million.
Given that it corresponds with several important XRP transactions, the crypto market is paying close attention to this increase in whale activity.
Whale Alert revealed earlier today that a significant cryptocurrency exchange, Bitso, received a transfer of 25.93 million XRP, or around $15.3 million, from an unidentified wallet.
The most noteworthy transaction involves sending a whopping 100 million XRP, or $57.92 million, to the same exchange from a wallet connected to Ripple. Despite the sending and receiving wallets’ initial tags as unknown, additional research revealed that the sender was connected to Ripple.
Increased Whale Activity Raises Questions
Such noteworthy whale transactions occurred on XRP earlier this month. A massive transaction involving the transfer of 105 million tokens to an unidentified wallet occurred two days after an anonymous whale deposited 95 million XRP to Binance. The increasing pattern of whale activity indicated by these movements has XRP traders wondering where the market will go in the future.
Investors are worried about the possible effects on the price of XRP as a result of the recent transaction activity, particularly when it comes to Ripple’s own wallets. Significant transfers made by Ripple are frequently connected to the company’s strategic decisions, which exacerbate the market’s already erratic conditions.
XRP’s Price Actions
Despite these large transactions, XRP has shown some price stability. Currently trading at $0.587, the token saw a 0.54% rise in the last 24 hours and has rallied by 3% over the past week.
With a market cap that ranks it seventh among all cryptocurrencies, XRP continues to attract attention due to its strong whale activity and Ripple’s strategic decisions.
As XRP continues to trade in significant volumes, many market observers are left wondering what the business will do next. The large whale transactions and Ripple’s proactive participation may indicate important future changes in the XRP ecosystem.