- XRP whales transferred tokens worth $233.76 million.
- The altcoin declined by 2.69% in 24 hours but remained in a bullish phase.
Since hitting a local low of $0.49 earlier in the month, Ripple [XRP] has surged to a high of $1.26 hiking by 157.33%. This upsurge shows that XRP is experiencing a strong upward momentum.
At press time, the altcoin surged by 98.50% on monthly charts and was trading at $1.09.
This condition raised questions about the factors behind them. According to AMBCrypto’s analysis, one factor that stands out is increased whale activity.
Whales transfer $233 million worth of tokens
With the newfound optimism amidst yearly highs on price charts, whales have found a lifeline. As such, over the past week, whale transactions have spiked to a high of 1143.
Source: Santiment
Even so, the last 24 hours have seen two whales make massive transfers.
According to the on-chain whale tracker Whale Alert, two large whales have made two transactions of 210,930,712 XRP tokens worth $233.76 million.
Based on their observation, the first transfer of 110,930,712 tokens worth $123.59 million was transferred from Binance to an unknown wallet.
The second transaction of 100 million tokens worth $110.17 million was transferred between two unknown wallets.
When whales transfer tokens to unknown wallets, it often signals that whales are moving their assets off exchanges to private wallets or cold storage.
This indicates whales’ lack of intentions to sell in the near term. Thus suggesting confidence in the altcoin’s future value by accumulating and anticipating further price appreciations.
Impact on XRP price charts?
Usually, whale activities have a significant impact on the crypto’s price action. As such, although, these transactions are not related to selling, XRP has declined on daily charts dropping by 2.69%.
Despite the drop in daily charts, XRP is still in a bullish phase and this decline seems like a mere pullback before attempting another uptrend.
Source: Cryptoquant
XRP’s whale-to-exchange flow shows bullishness, with a sharp decline from 13,781 to 703. This indicates that whales are not transferring their assets to exchanges but are keeping their tokens in private wallets.
This is a bullish signal, as it shows they are accumulating and hoarding in anticipation of future price gains.
Source: Tradingview
Additionally, XRP’s On-Balance Volume has surged from 5.8 billion to 6.01 billion. This suggested that the altcoin was facing higher buying pressure, with buyers dominating the market and accumulating.
Such a trend suggests that the recent price rally is backed by volume, increasing the likelihood of sustainability.
These whale transactions indicate that whales are hoarding XRP, anticipating further price gains. When whales strategically position their assets, it shows confidence in the market.
Read Ripple’s [XRP] Price Prediction 2024-25
This indicates that XRP is experiencing positive sentiment and investor favorability.
Such conditions could set the altcoin for further gains. If so, XRP could reclaim its recent highs of $1.26. A breakout from here would find the next significant resistance around $1.34.
