According to Whale Alert data, on November 9, whales moved more than 38 million XRP to centralised exchanges from unknown wallets. Additionally, around 21 million XRP were transferred from a centralised exchange to an anonymous wallet, capturing the interest of crypto traders and investors in the Ripple community.
Whale Transfers: A Deep Dive
Whale Alert has brought to light notable movements within the XRP ecosystem. In a recent revelation, an unknown wallet transferred 16.30 million XRP to Bitso, a prominent digital asset exchange based in Mexico.
Simultaneously, another wallet moved 22.50 million XRP to Bitstamp, a Luxembourg City-based cryptocurrency exchange. The combined transactions show 38.80 million XRP flowing into various exchanges. This influx raises questions about the potential impact on XRP’s market dynamics. Concerns are also surfacing about a potential bearish sentiment leading to price declines.
Upbit, a South Korean digital asset exchange, also transferred 21 million XRP tokens to a wallet address identified as r3oWusPeT9…RNHs4AWfTv. The scale and frequency of these transfers to exchanges and unknown wallets have fueled speculation among market enthusiasts. Many are closely monitoring the XRP market, especially in light of recent advancements within the Ripple community.
This surge in activity prompts a closer examination of the broader context surrounding XRP. Moreover, market participants observe how these transfers might influence the coin’s trajectory.
Ripple: XRP Price Continues To Rise
At this time, XRP has seen a modest uptick in its price over the last twenty-four hours, reaching $0.6966. While the daily increase is marginal, the weekly surge is more pronounced, boasting a rise of nearly 15.52%. However, it’s worth noting that the trading volume has decreased by 11.99%, settling at 1.96 billion today.
This price surge aligns with Ripple Labs’ recent legal victories against the US SEC and the company’s active participation in global Central Bank Digital Currency (CBDC) projects. Earlier this year, the dropping of charges by the US SEC against Ripple executives acted as a catalyst.
In the wake of these developments, XRP’s price experienced a surge, even briefly surpassing BNB in market cap. XRP currently holds a position among the top five cryptocurrencies by market capitalization.