XRP whales transfer $814M in tokens, sparking bullish market speculation as price rebounds above $0.50 amid U.S. election anticipation.
Highlights
Over 1.6 billion XRP, valued at $814M, moved to unknown wallets, signaling potential whale accumulation.
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XRP price has recovered above the $0.50 support amid massive whale transfers from South Korea’s Bithumb exchange. In the past hour, over 1.6 billion XRP tokens, valued at approximately $814 million, were moved from the exchange to unknown wallets.
The unusually large withdrawals, which were flagged by Whale Alert, a platform that tracks large cryptocurrency transactions, have caught the attention of investors and fueled speculation about XRP’s future trajectory.
XRP Whales Move $814 Million
Whale Alert reports indicate that the transfers involved three separate transactions, with the largest one moving 586.09 million XRP, worth around $296.95 million, to a newly created wallet. The subsequent transfers, valued at $202.76 million and $314 million respectively, were similarly sent to addresses that were only recently activated.
The destination wallets are not associated with any known cryptocurrency exchanges, leading some investors to interpret this as a sign of accumulation by high-net-worth individuals or institutional investors.
According to crypto analysts, large transfers from exchanges to unknown wallets are often viewed as a bullish indicator. These transactions suggest that major holders, sometimes called “whales,” may be moving their assets to secure storage, which typically implies a long-term holding strategy rather than immediate selling pressure.
Bithumb’s Internal Transfers or Strategic Accumulation?
While some in the market speculated about the involvement of undisclosed buyers, some analysts have speculated that the transactions may be internal. According to XRPwallets, an account that monitors large XRP transactions, these movements maybe a part of Bithumb’s internal housekeeping.
The South Korean exchange has previously conducted similar transfers, often to reorganize its liquidity across different wallets.
