XRP whales became active after 40 million XRP ($23 million) moved from Bybit to a private wallet.
XRP whales have stepped up their market actions following a significant transfer of 40 million XRP tokens, estimated to be worth around 23 million dollars, from Bybit to a private wallet.
This substantial movement highlights an increasing trend among XRP whales, as observed by the cryptocurrency tracking service Whale Alert. These types of behaviors frequently indicate that these investors are positioning themselves strategically, possibly in anticipation of market shifts.
XRP Whales Massive Transfer of 40M XRP Tokens Sparks Market Excitement
According to WhaleAlert, the transfer of 40 million XRP tokens from the cryptocurrency exchange Bybit to a private wallet indicates significant market activity by large-scale investors.
The transfer, estimated to be worth $23.3 million or more, shows significant investor perspective. A variety of cryptocurrency exchanges reportedly removed 71 million XRP tokens on September 26.
Additional data from CryptoQuant highlights the magnitude of these transactions. This pattern of large withdrawals and transfers suggests that these major players are likely preparing for price swings by adjusting their positions.
Furthermore, earlier this week, the market witnessed an even more substantial transaction by whales. This occurred in response to the measures taken by Chris Larsen, the co-founder of Ripple, who removed a sizeable quantity of XRP from circulation.
XRP whales were responsible for transferring around 430 million coins across a variety of venues.It is important to note that the movements of XRP whales are establishing a precedent for potential market reactions on a larger scale.
There is a possibility that withdrawing such large amounts from cryptocurrency exchanges will result in a more limited supply on open markets. When this occurs, the price of the product or service goes up, regardless of whether the demand remains the same or increases.
This method is frequently used by large investors to exert a positive influence on the market. An ex-lawyer for the United States Securities and Exchange Commission (SEC) has dropped hints about the possibility of an appeal in the ongoing Ripple case, which adds to the mystery surrounding the situation.
Given that Ripple’s XRP is currently at the forefront of regulatory discussions, this new legal development has the potential to cause additional market volatility. These kinds of legal endeavors have the potential to have significant repercussions on the liquidity and pricing of XRP.
Despite the significant activity by XRP whales, the price of XRP has demonstrated resilience by continuing to trade within a small range. This period of consolidation may soon undergo a change as a result of whales’ increasing trading activity.
Furthermore, recent price research has revealed that the XRP community has been speculating in anticipation of the impending release of Ripple’s stablecoin, RLUSD.
The community has predicted that among these speculations, one person suggested that the price of XRP may reach one million dollars. This speculation was based on a hypothetical situation in which each drop in XRP is equivalent to one dollar.
An XRP developer’s statement that one RLUSD is equivalent to one dollar serves as the origin of this argument. As this article was being written, the price of XRP was reported at $0.59, which is a tiny increase of 0.65% over the course of the day. There has been a 15% increase in trade volume over the past twenty-four hours, which coincides with this current upswing.
