The XRP market has witnessed significant whale activity in the last 24 hours. Over 1.5 billion XRP were withdrawn from South Korea's Bithumb exchange in just 30 minutes, capturing market attention and triggering speculation about the impact on XRP prices.
XRP Transfers From Bithumb: What Do They Mean?
According to Whale Alerts, 1.5 billion XRP were transferred in three stages. The first transfer from Bithumb to an unknown address amounted to 586 million XRP, to newly created addresses. Subsequently, 600,000,096 XRP were moved to another unknown wallet. This supports the general belief that large players might be stockpiling XRP in personal wallets, which could be a positive signal for the market. However, the large crypto transaction tracking account has stated these are Bithumb's internal wallet movements.
Historical XRP Whale Activities
XRP whale activities have increased over the past months. On October 10, 81.56 million XRP were transferred to various exchanges amid Ripple's legal battles and the anticipation of the RLUSD stablecoin. Ripple has also recently unlocked 1 billion XRP for November, which draws market participants' interest regarding its potential influence on the price.
XRP Price Prospects
Since the start of October, XRP price fluctuated between $0.487 and $0.566, indicating consolidation. At the time of writing, XRP was trading at $0.5135, up 0.7% from the previous day. Although the price remains below $0.53, investor interest is growing. If XRP manages to break above key resistance levels, it could lead to significant price growth.
XRP whale activities continue to intrigue and raise questions about future price direction. Whether these transfers are internal movements or strategies by large investors, the market will be closely watching further developments.
