Amid a surge in price, XRP, supported by Ripple, experienced notable whale transfers to exchanges on Thursday.
XRP, a prominent cryptocurrency in the global market, experienced a notable surge on Thursday, marked by substantial whale transfers to centralized exchanges (CEXs). Recent data circulating in the broader crypto market indicates that a whale moved a significant amount of XRP, totaling over 39 million, to exchanges, creating a flurry of speculation among crypto enthusiasts.
The surge in XRP's value further fueled optimism for the Ripple-backed token, reflecting its significant gains in the crypto landscape. Additionally, a well-known crypto analyst highlighted XRP's current market performance, capturing the attention of traders and investors worldwide.
Transfer of 39.4 Million XRP to CEXs by a Whale
The data regarding the large-scale XRP whale transfers quickly garnered attention in the broader crypto market on December 29. Whale Alert, a platform that tracks blockchain metrics, reportedly revealed these substantial whale transfers, comprising two transactions.
In the first transaction that attracted significant notice, 22.90 million XRP, valued at $14.99 million, was transferred to Bitstamp, a CEX based in Luxembourg City. The second transfer that gained global attention involved the movement of 16.50 million XRP, worth $10.43 million, to Bitso, a CEX located in Mexico City.
Interestingly, both transactions were initiated by the same unidentified wallet, r4wf7enWPx…5XgwHh4Rzn. It's worth noting that this wallet has been consistently involved in similar substantial transfers, as reported previously.
The recurring pattern of XRP dumps to Bitso and Bitstamp seems to be linked to Ripple's recent strategic stake acquisition in these exchanges, adding an intriguing layer to the ongoing developments in the XRP market.
XRP Experiences Surge in Price
At present, the XRP price has seen a notable increase of 4.41% in the last 24 hours, reaching $0.6393. Additionally, the token has demonstrated a surge of 5.65% over the past week, accompanied by an 8.24% monthly upswing. The recent positive trend depicted on the token's chart in the past few days has instilled optimism among crypto market traders regarding XRP's performance. Furthermore, the increased activity observed in significant whale transfers associated with XRP suggests heightened engagement from traders in the token.
Interestingly, a crypto analyst has echoed market sentiments regarding the Ripple-backed token. According to Cryptoes, XRP is currently positioned above the bull pennant resistance level. This highlights the token's upward trend, indicating the potential for a continued bullish movement.
