- XRP whales make moves, scoop up tokens worth $57 million.
- If the bullish momentum continues, XRP can go past the $0.59 mark.
Ripple [XRP] has made headlines after a massive whale transfer of 100,000,000 XRP, valued at $57.9 million.
At press time, XRP was priced at $0.588, having risen by 2.84% in the last 24 hours, sparking speculation of a potential rally.
The market is closely watching this significant transaction as XRP nears critical resistance levels.
A spike in activity
XRP’s trading volume surged by 37.59% in the past 24 hours, reaching $1.41 billion. This sharp increase in volume signaled heightened market interest, which often precedes substantial price movements.
As liquidity continues to flow into XRP, this growing volume suggests that market participants are positioning for a potential shift in momentum.
Source: Coinglass
Additionally, the XRP Ledger recorded a total transaction count of 1.7217 million transactions, reflecting a 0.97% increase over the last day at press time, according to CryptoQuant data.
This gradual rise in transaction activity shows a strengthening in market participation, indicating that traders and investors are becoming more engaged with the asset.
The steady uptick in transactions signals growing confidence in XRP’s network.
Is XRP’s accumulation underway?
The exchange reserve for XRP stands at 2.977 billion, a 0.17% decrease over the past 24 hours at press time. This decline is often a sign that XRP is being moved off exchanges, likely into private wallets.
This trend indicates that holders are preparing for long-term gains, reducing the selling pressure in the market, which could lead to a price increase.
Source: CryptoQuant
Institutional Moves on the Horizon?
On-chain data showed 12 whale transactions above $100,000 and three exceeding $1 million, reflecting significant involvement from large market players.
Such whale activity is often associated with institutional investments or substantial strategic moves. These large transfers could signify that whales are positioning XRP for a possible breakout soon.
Source: Santiment
What’s next for XRP?
With increasing volume, rising transaction counts, and a drop in exchange reserves, XRP is gaining momentum.
Read XRP’s Price Prediction 2024–2025
The recent whale activity hinted at potential institutional interest that could push XRP past the critical $0.59 resistance level.
If these metrics continue to align, XRP may be on the verge of a bullish breakout, leading to sustained upward movement in the market.
