XRP Whales Make Significant Transfers
XRP, the native cryptocurrency of Ripple, has gained traction due to recent whale transactions. In the past 12 hours, three significant XRP transactions were recorded. One transfer involved 24.9 million XRP tokens worth $15.3 million being moved from an unknown wallet to Bitstamp, a leading crypto exchange. Another transaction saw 25.2 million XRP tokens worth $15.54 million transferred from an unknown wallet to Bitso, a crypto trading platform. Additionally, 20 million XRP coins worth over $12 million were shifted from an unknown wallet to Bybit, another crypto exchange.
Whale Strategy and XRP Price
These large transfers suggest that whales have been opting for a sell strategy by moving substantial amounts of XRP to crypto exchanges. However, despite this selling activity, the recent rally in the XRP price indicates growing market confidence in the cryptocurrency.
Current XRP Price Analysis
As of writing, the XRP price is up by 0.78% and trading at 0.6212 on Friday, December 22, 2023. The XRP market cap stands at $33.6 billion with a 1.05% increase. The 24-hour trade volume has also increased by 5% and recorded at $1.40 billion.
However, despite recent gains, XRP has lost 1.83% in the last seven days but has seen a positive trend of over 4% in the last 30 days and an impressive 80% increase in the past year.
Hot Take: Growing Confidence in XRP Despite Whale Transfers
The recent whale transfers involving large amounts of XRP being moved to crypto exchanges indicate a sell strategy. However, the rally in XRP’s price suggests that the market has growing confidence in the cryptocurrency. This demonstrates that investors are optimistic about the future of XRP despite the selling activity by whales.
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