Renowned blockchain tracking platform Whale Alert has reported massive XRP transfers totaling over $60 million to major exchanges. In a series of X posts on Thursday, the platform highlighted the movement of large amounts of XRP. These transfers were being shifted from unknown wallets to prominent platforms such as Binance, Bitso, and Bitstamp.
The most substantial transactions involved 60,000,000 XRP, valued at approximately $34.2 million, transferred to Binance. This large transfer has sparked speculation in the crypto community, as such moves often signal upcoming market changes or strategic adjustments by whales.
In another key transfer, 19,400,000 XRP, worth around $11 million, was moved to Bitso, a major exchange in Latin America. Bitso has been a pivotal player in the XRP market in the context of cross-border remittances in the region. Additionally, Whale Alert identified a transfer of 26,800,000 XRP, approximately $15.3 million, to Bitstamp, a leading European exchange. Bitstamp has maintained its position as a crucial hub for XRP trading, and this transfer reaffirms its ongoing significance in the global XRP market.
While these massive transfers have drawn attention, XRP’s price has remained relatively stable, trading within a tight range of $0.55 to $0.63. Recently, the asset faced strong resistance near the $0.64 level, leading to a retracement toward the lower end of its trading range. Despite this pullback, XRP has shown resilience, with most daily transactions proving profitable, indicating steady trading behavior.
As XRP consolidates within its current range, the market is closely watching for a potential breakout. A breach below the lower boundary could lead to a bearish trend toward the $0.48 to $0.52 Fibonacci support levels. Conversely, a bullish reversal toward the $0.64 resistance level could be on the horizon if buying pressure increases. As of press time, XRP is trading at $0.5743, showing a 0,95% decline over the past 24 hours.
XRP Consolidates for 20 Days as Traders Expect BreakoutMoreover, data from Santiment reveals an increase in XRP whale activity, with a notable rise in whale addresses holding between 1,000,000 and 10,000,000 XRP tokens. There are 1,617 such addresses, marking a 2% increase since August 9. This uptick in whale holdings is typically seen as a bullish indicator, suggesting growing demand for XRP and potentially boosting retail traders’ confidence.
These massive XRP transfers and increased whale activity indicate that significant market movements could be on the horizon. Traders and investors should remain vigilant as the market responds to these developments.
