Amidst a price tumble, XRP, a leading global cryptocurrency, has stirred a storm of speculation within the crypto landscape. Recent substantial whale transfers to a UAE-based crypto exchange, Bybit, have garnered widespread attention, triggering ripples across the broader market.
In a recent X post, Whale Alert, a reputable platform specializing in tracking on-chain metrics, shared information regarding these transactions surfaced. An unknown wallet executed a transfer, moving a substantial sum of 20 million XRP, equivalent to $12.20 million, on December 23. This notable movement was preceded by a similar transfer of an identical amount occurring a day earlier, precisely on December 22.
Whale movements totaling a colossal 40 million XRP, valued at $24.49 million, surged into Bybit’s coffers. Notably, this surge coincided with a downturn in XRP’s value, prompting speculation about potential sell-offs.
Despite indications in these transfers hinting at a potential sell-off in line with the token’s decline, a different perspective arises from renowned crypto analyst Ali Martinez’s analysis of on-chain data. In a recent X post, Martinez emphasized the accumulation of around 360 million XRP by Ripple whales, valued at $223 million the previous week, suggesting a potential breakout despite the ongoing price downturn.
XRP is trading at 0.6172, reflecting a minor decrease of 0.24% within the last 24 hours. Across the week, the token experienced a 1.13% dip, contributing to the prevailing fluctuations observed in the market.
Despite the prevailing downward trajectory, analyst Egrag Crypto has highlighted an encouraging development, observing the XRP guppy signaling a positive turn on the weekly timeframe. This revelation has ignited optimism within the community, with many aiming for the $5.5-$13 price range as a potential target.
The series of whale movements to Bybit has triggered speculation about XRP’s immediate trajectory, oscillating between the potential for a sell-off and bullish indicators amidst market volatility. Investors and enthusiasts closely monitor developments, eager to decipher the true course XRP might chart in the coming days.
