A massive movement of almost 1.6 billion XRP tokens from South Korea’s Bithumb exchange to unidentified wallets recently pushed Ripple’s XRP price past the $0.50 support level. These XRP whale transactions, valued at approximately $814 million, were flagged by Whale Alert, a service that monitors substantial crypto transfers.
The data revealed that these transactions occurred in three separate parts, with the largest one being 586.09 million XRP, worth around $296.95 million, moved to a newly created wallet. Three additional XRP whale transfers of 199.99 million XRP, 200 million XRP, and 600 million XRP, collectively valued at approximately $516 million, were also sent to newly activated addresses.
Analysts view transfers from exchanges to unknown wallets as a bullish sign, suggesting an accumulation phase by wealthy investors, or “whales.” This news has sparked speculation that the whales are positioning for future XRP price gains by transferring large amounts to private storage. Ripple’s XRP price reached an intraday high of $0.52 in response to these whale movements, and analysts speculate that the perception of whale accumulation could create short-term positive sentiment around XRP, potentially driving further price increases.
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