Some significant transactions carrying large amounts of XRP coins, up to the tune of 76 million, have been recently reported. These transactions have grabbed the attention of crypto community members as they come amid a small uptick in the price of the asset.
Over the past months, substantial amounts of XRP have been shifted through wallets and centralized exchanges further raising speculations among market participants about the reason for the transfers and the potential effect on the price trajectory of the coin.
Whales Move 76 Million XRP to Unidentified Wallets
In recent developments, Whale Alert, a sophisticated crypto large transaction tracker, has reported that it had spotted more than 76 million XRP changing hands in the last 24 hours. According to the report, the aforementioned number of coins was moved in two separate transactions.
The first one, done about 7 hours ago from the time of writing, carried exactly 50,756,791 XRP (valued at $26.2 million) from Binance, the largest crypto exchange by trade volume to a wallet labeled ‘unknown.’ A few hours later, the second transfer was initiated, moving 26,262,724 XRP (worth $13.5 million) from the same exchange to another anonymous wallet. Cumulatively, both transactions equal 77.01 million valued at about $40 million.
50,756,791 #XRP (26,209,981 USD) transferred from #Binance to unknown wallethttps://t.co/rPf2WUKgC2
— Whale Alert (@whale_alert) June 3, 2024
The series of large XRP transfers that have been recorded have raised concerns about the future outlook of the project. As investors continue to hope for an eventual price surge to the $1 mark, the possibility of this happening has been questioned.
Meanwhile, before this reported transaction, the renowned whale with the wallet address ‘r4wf7…4Rzn’ shifted 29,600,000 XRP to the Luxembourg-based centralized exchange, Bitstamp, adding to a series of transfers initiated in the past months.
Source: Whale Alert XRP Price Amid Large Transfer
The price of XRP has exhibited marginal growth over the last day. According to data from CoinMarketCap, XRP has spiked by 0.95% to trade at $0.519. What is more, its trading volume in the last 24 hours has also surged by 68% to $1.01 billion with a live market cap of $28.7 billion. XRP has traded between the lows and highs of $0.5078 and $0.5219 in the last 24 hours.
On the technical front, XRP’s Relative Strength Index (RSI) is at 48.65. For context, RSI is a momentum oscillator that gauges the velocities and variations in price movements. When the RSI falls below 50, it usually indicates that the market is losing steam and may continue to decline.
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