Crypto market has been in an accumulating state since last week and the XRP community is eagerly expecting further up movement accumulating. Thus, XRP whales have begun surprising the market with epic movements and timely changes in its operations. A large XRP buying spree from one single whale has been noted by crypto monitoring group, Whale Alert.
Increase in Trend of Large Withdrawals
As per Whale Alert, this investor has moved 40 million XRP tokens from the crypto exchange Bybit to a personal wallet. This transfer in XRP is anticipated to be equivalent to about $23.3 million XRP price as of today. This huge volume of XRP should help push the bullish train into the market according to pundits.
40,000,000 #XRP (23,325,021 USD) transferred from #Bybit to unknown wallethttps://t.co/axVtvSaTNT
— Whale Alert (@whale_alert) September 27, 2024
Also, it contributes to another large investor’s buying binge of XRP tokens. There was recent detection of another movement of about 30 million XRP. From the overall looks of these trades, it is clear that these XRP traders are actually speculating that the Coin can pump substantially in the near future.
30,000,000 #XRP (17,686,140 USD) transferred from #Bybit to unknown wallethttps://t.co/ROGxlVBmmN
— Whale Alert (@whale_alert) September 24, 2024
A more elaborate picture of this enthusiastic XRP Purchase can be seen from the crypto analytics firm, CryptoQuant. They showed that nearly 71 million tokens left exchanges on the 26th of September and over 55 million tokens have left the exchanges today, the 29th of September.
Source: CryptoQuant
All these figures point to repeated buying of XRP by the investors and this makes the need for utilization of XRP strong.
XRP price rally coming?
The XRP price at the time of writing this article stands at $0.5866. The price has declined in the last 24 hours by 0.66%. Altogether, while the rest of the crypto market and even such biggest coins as Bitcoin (BTC) demonstrate steady growth, XRP remains locked in an expanded consolidation range. That sideways movement is continuing without any prospect of ‘pullback’ in sight.
However, this scenario might shift in the next few days. In the same period, the trading volume of XRP has risen by 17.75 % to 24hr $1.2 billion. This increase in the trading volume testifies to the existence of a healthy overbear sentiment in the trading space; most trading participants are involved in buying. Therefore, there is every possibility that it will take the broader market by surprise and cause a spurt in the XRP price in the near future.
