XRP Whales Transfers Almost 300 Million Tokens Between Wallets, What is Happening?

Some XRP whales have caught the crypto community’s attention with series or transfers carrying almost 300 million tokens from wallets and centralized exchanges. These movements have sparked speculations among investors and enthusiasts with expectations of a potential price impact in the short term. As the XRP community continues to eye an eventual price shoot to the $0.6 level, the series of XRP transfers has ignited hope for the outcome.

Almost 300 Million XRP Moved Between Wallets

In recent events, XRP whales have made headlines today as they moved substantial amounts of tokens in the last 24 hours. WhaleAlert, a large blockchain transaction tracker, has reported several movements nearing 300 million tokens between unknown wallets and crypto exchanges.

At approximately 18 hours ago, the first transaction was spotted moving exactly 158,473,000 XRP from a wallet labeled ‘unknown’ to the Binance cryptocurrency exchange. The transfer is worth about $77.3 million at the current market price. Asset transfers from wallets to exchanges sometimes signify sell-offs which can, in turn, force the price of the asset to crash more.

🚨 🚨 🚨 🚨 158,473,000 #XRP (77,333,753 USD) transferred from unknown wallet to #Binancehttps://t.co/LfuKq07FZp

— Whale Alert (@whale_alert) April 16, 2024

Shortly after, three consecutive transfers carrying similar amounts of 33.3 million XRP tokens (valued at $16.2 million each) were made from the Binance exchange to other anonymous wallets. Transfers from crypto exchanges often signify bullish sentiment as they show holding behavior rather than sell-off, potentially boosting the price of the asset.

The transactions continued. About six hours later, WhaleAlert spotted another transfer of 28,940,000 XRP tokens from another unknown wallet to the Bitstamp exchange. In recent months, the Luxembourg-based crypto exchange has received substantial amounts of XRP tokens from unidentified wallets following Ripple’s acquisition of an undisclosed stake in the company.

XRP to $0.6 possible?

As the question of XRP price movement to the $0.6 zone remains in the balance, crypto experts have shared their views on the possibility in the short term. Notably, Andrew Griffiths, a crypto analyst has commented on the situation.

According to him, XRP needs to close above the $0.6 mark to remain bullish. He pointed out that since 2017, XRP has been accumulating in a triangle pattern, suggesting a period of price stability preceding a potentially dramatic breakout.

“XRP Support and resistance zones are the key in trading. As long as we can stay above 0.60, XRP remains bullish. We are coiling up for a big move. Last week we were just ranging, the price doesn’t move much so prepare for the move…” he said.

Furthermore, he added that XRP can see an all-time high if it breaks the triangle formation and moves past the $1.20 mark while expressing concerns about the possibility of XRP traders continuing the pattern for the following months.

Meanwhile, at the time of writing, XRP is changing hands at $0.5007 representing a 0.56% increase in the last 24 hours according to CoinMarketCap data. What is more, XRP’s 24-hour trading volume has dropped significantly by 24% to $1.7 billion over the last day. Finally, its market cap has spiked by 0.29% to $27 billion within the recorded time.