XRP rises 9% in 2 days: Are bulls taking the wheel?

• XRP has increased by almost 9% within the last two days.
• Whale wallets controlled over 45% of the total supply at press time.

A Ripple [XRP] whale recently transferred a substantial amount of the token onto a trading platform. Although initially appearing unusual, the movement aligned with the direction of the price trend, offering a possible explanation for the action.

Whale flush millions of XRP to exchange

On the 5th of November, X (formerly Twitter) account Whale Alert reported a significant transaction involving the transfer of 23.8 million XRP coins to the Bitstamp exchange.

🚨 23,800,000 #XRP (15,600,863 USD) transferred from unknown wallet to #Bitstamphttps://t.co/41E5Qw9llm

— Whale Alert (@whale_alert) November 5, 2023

The value of this asset transfer was over $15.6 million at the time of the announcement. Also, the substantial flow of the asset from the whale suggested a sell-off, a notion that was supported by the recent 24-hour trading volume.

24-hour volume spikes

AMBCrypto’s analysis of volume trends on CoinMarketCap showed a rise in trading activity within the past 24 hours. At the time of this report, the trading volume had risen by more than 160%.

This sharp rise was also evident in the volume chart analysis from Santiment, which showed a volume of more than $2.5 billion. 

Source: Santiment

Furthermore, data from CoinMarketCap revealed a market capitalization increase of around 9% over the last 24 hours. Notably, among the top five cryptocurrencies by market capitalization, XRP had more price increases in the past seven days.

As of this writing, the data showed a remarkable growth of over 22%. Also, with a market capitalization of over $36 billion, it was closely trailing behind the fourth-highest-capitalized coin, BNB.

XRP records highest rise in three months

An analysis of the daily timeframe chart for XRP revealed a significant upward price trend that concluded on the 5th of November. On that day, XRP experienced a noteworthy 7.41% increase in value, reaching a price of over $0.66.

Also, it is worth highlighting that this sharp rise marked the highest price increase observed for this asset in the past three months. 

Source: Santiment

As of this writing, XRP was trading at around $0.68, reflecting a value increase of over 2%. Notably, this marked the fourth consecutive day of an upward trend, pushing the token further into the overbought zone.

Additionally, aside from the trend lines, the Moving Average Convergence Divergence (MACD) indicator displayed a bullish trend. As of this report, the MACD lines were trending above the zero line, indicating a positive market sentiment.

Whale acquires more XRP

AMBCrypto’s examination of XRP’s Social Dominance chart on Santiment revealed an increase in its social prominence. At the time of this analysis, Social Dominance had risen to above 3%.

This signified that discussions and conversations related to XRP accounted for more than 3% of discussions.

Source: Santiment

Read Ripple’s [XRP] Price Prediction 2023-24

The chart above also showed that wallets holding between 100,000 and 1 billion XRP controlled over 45% of the total supply at the time of publication.

Furthermore, the holdings of this particular group of wallets represented the highest accumulation seen throughout the year. This indicates that these wallets have acquired a significant portion of the tokens, potentially influencing market dynamics.