In a move that has sparked concern among XRP holders, nearly 500 Million XRP has been transferred from undisclosed wallets to major exchanges Bitvavo, Bithumb, and Bitstamp.
The transactions, detected by Whale Alert, come at a pivotal time for XRP, which has been regaining ground after a recent dip to $0.43. This significant movement of XRP has raised speculation about the intentions behind these transfers and their potential impact on XRP’s price stability.
XRP Whales Movements to Exchanges
Whale Alert, a platform that tracks large cryptocurrency transactions, reported a series of transfers involving 452 million XRP to Bitvavo, Bithumb, and Bitstamp.
The first notable transfer occurred on Bitstamp, where 22 million XRP were deposited from an unknown wallet, amounting to over $10.8 million.
Following that transfer, Bithumb received a substantial 390,869,591 XRP from an unidentified source valued at approximately $194 million. Shortly after, Bitvavo received two transactions totalling 40 million XRP from undisclosed wallets, each valued at over $20 million.
Impact on XRP Price and Market Sentiment
The timing of these large-scale transfers has triggered speculation within the crypto community, particularly due to the unknown origins of the funds. One particular X user by the name Daniel speculated over a potential XRP price dump following the transfer of 390,869,591 XRP to Bithumb exchange.
These movements come as XRP has made strides to recover from its recent price drop to $0.43. The cryptocurrency saw a 6% gain, returning it to the $0.5 range. However, the influx of XRP to exchanges has raised concerns about a potential sell-off, which could negatively impact the price of XRP.
The transfer of such a significant amount of XRP to exchanges has prompted mixed reactions among market observers. Some view it as a regular part of trading activity, while others interpret it as a signal of impending market volatility. The lack of transparency regarding the source wallets adds to these transactions’ uncertainty.
How High Can XRP Go?
Market analyst ‘EGRAG’ recently shared a chart on X showcasing XRP’s trajectory since 2017, forming a symmetrical triangle pattern. The analyst claimed to have accurately predicted XRP’s trading range in the first quarter 2024.
According to the chart, a successful breakout above the triangle pattern could propel the XRP price to exceed $10 or even $20. In response to concerns about XRP’s performance, EGRAG CRYPTO dismissed the notion of a crash, describing the current phase as a “retest” of the lower band from the Ascending Channel, which indicates a rising channel with price points acting as either resistance or support zones.
Despite some commenters’ scepticism about XRP’s prolonged consolidation, EGRAG CRYPTO remains optimistic.
