A cryptocurrency whale moved 167 million XRP to an unknown address, sparking discussions about its market impact.
Details of the XRP Movement
According to Whale Alert, an unknown whale transferred 167 million XRP, worth approximately $367 million, to an unidentified address. Some specialists view it as a fund consolidation or an over-the-counter (OTC) trade.
Market Impact
The movement coincides with significant selling pressure on XRP, which has fallen by 5% in the last 24 hours and 20% in the past week. However, trading volume increased by 68.37%, indicating higher market activity. Past large transfers have spurred rumors of market actions.
XRP Outlook
Weekly XRP inflows continue to surpass Bitcoin and Ethereum for the fourth consecutive week, reflecting institutional sentiment. On-chain metrics also show a bullish picture, with weekly active addresses hitting 1.15 million, a record high for XRP. While selling pressure remains, XRP is eyeing a short-term climb to $3, with the $2.70 resistance level being pivotal.
Large XRP movements continue to stir market discussions. Experts anticipate potential growth despite current downturns.
