XRP whale activity threatens token's recovery
XRP whale activity threatens token's recovery
XRP whales were heavily activated amid the token's rise, causing cryptocurrency market participants to fear a new bearish trend.
After the price of XRP plummeted to $0.43 on Saturday amid a cryptocurrency price collapse due to the escalating military conflict between Iran and Israel, the token returned to growth on Sunday. Demonstrating strong upward momentum, XRP easily broke through the $0.50 level and was trading around $0.51 at the time of writing, The Crypto Basic reported.
Leading crypto tracker Whale Alert recorded significant transfers of XRP from several unknown wallets to leading centralized exchanges Bitvavo, Bithumb, and Bitstamp amid this rally.
According to data published by Whale Alert on X, the first major transaction of 22 million XRP worth more than $10.8 million was recorded on April 14 to the Bitstamp exchange.
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The second transaction of over 390 million XRP was made from an unknown wallet to the Korean exchange Bithumb.
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Finally, the third transfer of 40 million XRP in two transactions from unknown wallets totaling over $20.6 million was made to the Bitvavo exchange.
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A total of 452,869,591 XRP has been transferred to these exchanges in the last 24 hours.
Such large transfers caused a wave of speculation in the cryptocurrency market and expectations of a new bearish movement of XRP.
At the same time, the new growth gave the XRP community hope for further recovery of the token's price to the pre-crash values, but for this it will need to grow by another 18%.
It is worth noting that XRP is known for its unexpected movements and sharp fluctuations, so analysts recommend traders and investors to be cautious, especially in the period of high volatility that is now observed in the cryptocurrency market.
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