Ripple-backed XRP has witnessed enormous whale transactions today, sparking speculations regarding future pumps as the XRP price surged.
Following a month in which XRP price surged by approximately 30%, a significant increase in whale activity seems to capture the attention of crypto market participants and investors worldwide.
As the Ripple-backed token advances toward the $0.7 mark, this burgeoning whale activity that hovers over the crypto horizon spawned a tidal surge of speculation for XRP throughout the vast ocean of crypto.
XRP Whale Activity Sparks Optimism
Based on the findings presented by Whale Alert, a blockchain tracking platform, XRP has observed six substantial whale transactions involving the transfer of 117.92 million coins in the past 24 hours.
Five of these transactions involved enormous accumulations from Binance, the world’s leading crypto exchange, while one involved a substantial transfer to Bitstamp, a Luxembourg City-based CEX.
Meanwhile, a significant number of whale addresses accumulated 95.2 million XRP from Binance collectively, while a well-known XRP whale transferred 22.6 million XRP to Bitstamp.
The enormous accumulations in question attracted significant interest from crypto market investors worldwide, suggesting that whales have gained additional confidence in the Ripple-backed digital asset.
However, the renowned XRP whale’s dump to Bitstamp has emerged as a recurring occurrence since Ripple’s strategic stake acquisition in the CEX, indicating an effort to regulate the token’s supply.
With XRP recording exceptional monthly and weekly gains, according to CoinMarketCap data, these accumulations aligned with market expectations for the Ripple-backed token.
XRP Price Increases
At the time of writing, the XRP price has increased by 0.39% in the past 24 hours and is currently trading at $0.6966.
Meanwhile, consisting of a monthly increase of 31.29% and a weekly increase of 18.30%, the token maintained its ascent toward the $0.7 mark, generating a deluge of bullish sentiment in anticipation of a possible run to the $1 mark as well.
As observed earlier, increased on-chain whale activity primarily displays accumulations; consequently, market experts speculate regarding future token injections.
Nonetheless, derivatives data disclosed by Coinglass suggested a possible impending consolidation phase, as open interest and volume fell 1.83% and 33.25%, respectively.
