XRP Whales Spark Market Frenzy With Huge Transfers After Price Surged 75% Year-to-Date
A recent increase in XRP whale transactions has led to heightened interest and speculation within the cryptocurrency’s community as to what these large token holders are doing after the price of the cryptocurrency moved up over 75% this year.
According to data from whale monitoring service WhaleAlert, numerous XRP whales have been making large transactions on the cryptocurrency’s network, with these including a 25.5 million XRP transfer to cryptocurrency trading platform Bitstamp, and 85 million XRP being moved between two wallets whose owners haven’t been identified.
On top of that, Whale Alert recently flagged one transaction on 90 million XRP, worth over $55 million, going from Ripple – a major player in the XRP space – to an unknown wallet.
As first reported by CryptoPotato, over just 24 hours a total of 200 million XRP tokens were moved on-chain, although the reasons behind these transactions aren’t yet clear. It’s worth noting that the transactions moving to Bitstamp is also associated with Ripple Labs, as the exchange is often a platform used by the firm.
Various analysts are notably bullish on XRP, with one recently suggesting the cryptocurrency could see a “mega pump,” although the analyst said investors should “exercise caution.”
Another analyst has recently suggested XRP could soon surge to reach $1.35 in the near future as the cryptocurrency’s open interest recently surged, and a break above a key trendline could be the “start of an aggressive move for XRP.”
Earlier this week Changelly, a well-known crypto trading platform, published a detailed blog post about XRP’s past, present, and future in which it predicted the price of XRP will reach $6.75 by January 2030.
Featured image via Pixabay.
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