Whale transactions around the XRP cryptocurrency caught the eyes of crypto traders and investors as whales reshuffled over 59 million XRP. As per the data revealed by Whale Alert over 38 million XRP were sent to centralized exchanges via unknown wallets on November 9. Furthermore, approximately 21 million XRP were sent from a centralized exchange to an unknown wallet.
Whale Transfers: A Closer Look
According to the data revealed by Whale Alert, approximately 16.30 million XRP, amounting to $11.16 million, were transferred from an unknown wallet to Bitso, a Mexican-based digital asset exchange.
Furthermore, another unknown wallet transfer sparked curiosity among crypto enthusiasts, transferring a whopping 22.50 million XRP to the centralized exchange Bitstamp, a cryptocurrency exchange headquartered in Luxembourg City, Europe.
The aforementioned transactions collectively portray data showcasing a transfer of 38.80 million XRP to exchanges. This implies that the total number of tokens in circulation has witnessed a substantial increase, which might result in the fall of prices, illustrating a bearish market sentiment.
On the other hand, as per the data, reportedly 21 million tokens were transferred from Upbit, a digital asset exchange based in Seoul, South Korea, to an unknown wallet address, r3oWusPeT9…RNHs4AWfTv. The massive transfers to exchanges and unknown wallets recently have stirred up quite the speculation among market enthusiasts eyeing the coin following the recent advancements made by the Ripple community. The transfer of coins from exchanges to unknown wallets showcases a decrease in the amount of tokens currently circulated, portraying a bullish market sentiment for XRP.
This constant to and fro of XRP to different exchanges and wallets has sparked curiosity among traders and investors as it may have a significant impact on the XRP price.
XRP Price Continues To Soar
As of writing, the XRP price experienced marginal surge over the past twenty-four hours, reaching $0.6966 today. Although the price soared marginally over the past day, the weekly surge rallied, increasing by almost 15.52%. However, the trading volume was down by 11.99%, reaching 1.96 billion today.
The aforementioned price surge comes in alignment with the Ripple Lab’s recent successful confrontation with the US SEC and the company’s involvement in global CBDC projects. Earlier this year, as reported by CoinGape Media, the US SEC dropped charges against Ripple executives, fostering another round of growth for the Ripple community.
Following the advancements made by the Ripple community, the XRP price surged, with XRP even overtaking BNB by market cap for a short period of time. Presently, the XRP coin is one of the top five cryptocurrencies by market cap.