43 Million XRP Transferred Between November 27-28: What's Happening?
Massive XRP Transfers Between November 27-28
XRP, the sixth-largest cryptocurrency by market cap, saw significant transfers on November 27 and 28. According to blockchain monitoring tool Whale Alert, two large transactions occurred during this period, totaling around 44 million XRP. These transfers involved moving large amounts of XRP from major cryptocurrency exchanges to unknown wallets, often indicating whale accumulation or preparations for over-the-counter (OTC) activity.
Big Deal Details
The first transaction on November 27 involved the transfer of 18,783,349 XRP (worth approximately $27.2 million) from the Binance cryptocurrency exchange to an unknown wallet.
Shortly after, another transaction occurred, where 25 million XRP (worth approximately $36.6 million) was transferred from the Upbit exchange to another unknown wallet.
What do these conversions indicate?
XRP transfers from exchanges to unknown wallets often indicate that institutional investors or whales are accumulating the tokens for long-term holding. Such moves also typically reduce liquidity on exchanges, which can be interpreted as a bullish signal. Alternatively, these transactions may simply represent a reallocation of funds.
XRP Price Action on November 27th and 28th
Between November 27 and 28, the price of XRP rose by 3.29% to $1.46. This growth is likely supported by the general bullish sentiment in the cryptocurrency market, with Bitcoin recently surpassing the $98,000 level.
Despite a recent drop of over 17% from hitting a multi-year high of $1.63, XRP is still maintaining its weekly and monthly gains. Over the past week, XRP is up 29%, while monthly gains have reached nearly 180%, marking its best month since April 2021.
Key Levels of XRP
Support: If the price of XRP declines, the $1 level could act as short-term support. A deeper pullback could push the price to $0.85.
Resistance: If the current bullish momentum continues, XRP could target the $2 psychological level.
