Ripple’s native token, XRP, has attracted attention with its recent significant rise and has also come to the fore with whale transfers.
Onchain data provider Whale Alert announced that 25,000,000 XRP (approximately $36.67 million) was transferred from a crypto wallet. The XRP price, which has been rising rapidly since the resignation of SEC Chairman Gary Gensler, has made investors nervous with this transfer. The reason behind the whale transfer is not yet clear.
As of November 28, 2024, Whale Alert reported that 25 million XRP worth $36.67 million was transferred from South Korea’s largest crypto exchange Upbit by a whale. This transaction suggests that whales are looking to buy as they see the current price consolidation as an opportunity.
According to data from CryptoQuant, the supply of XRP on major exchanges such as Binance and Upbit has been steadily decreasing over the past two weeks. This decline is thought to be linked to institutional interest in a possible XRP ETF in the US. CryptoQuant also reported that a total of 500 million XRP were transferred by whales and institutional investors. This development shows that major players in the industry are increasingly interested in XRP. The buying activity, which accelerated after Donald Trump’s election victory, caused the value of XRP to increase by 185 percent.
As of today, XRP is trading at $1.47, up 6.15% in the last 24 hours. However, trading volume has decreased by 17% in the same period.
Analysts are noting that Ripple is currently in a consolidation period. The direction of the price will become clear with a breakout or collapse from this phase. Judging by the current market sentiment, it seems that the altcoin is approaching a breakout point.
If Ripple breaks out of the consolidation zone and makes a daily close above the $1.55 level, there is a strong possibility that XRP could reach the $2 level in the coming days.