XRP, one of the most prominent cryptocurrencies by global market cap, gained significant traction on Thursday as the token recorded noteworthy whale transfers to CEXs recently. Notably, as per the data floating within the broader crypto market, a whale seems to have collectively shifted over 39 million XRP to exchanges, stirring a whirlpool of speculative buzz among crypto market enthusiasts.

Moreover, the transactions emerged as the Ripple-backed token illustrated significant gains within the crypto horizon, fueling further optimism for the token.

Meanwhile, an eminent crypto analyst also spotlighted XRP’s current market performance, garnering crypto traders’ and investors’ attention globally.

XRP Whale Shifts 39.4 Mln XRP TO CEXs

The data encompassing XRP whale transfers appears to have promptly gained substantial attention within the broader crypto market on Thursday, December 29. Apparently, Whale Alert, a platform facilitating blockchain metrics, seems to have unveiled the colossal whale transfers. Furthermore, according to the data, the transfer took place in a series of two transactions.

Notably, the first transaction that caught noteworthy attention moved 22.90 million XRP, worth $14.99 million, to Bitstamp, a Luxembourg City-based CEX. Furthermore, the second transfer that garnered global attention shifted 16.50 million XRP, worth $10.43 million, to Bitso, a Mexico City-based CEX.

Intriguingly, both the aforestated transfers were done by the same unknown wallet, r4wf7enWPx…5XgwHh4Rzn. As reported by CoinGape Media earlier, the same address was noted, making similar significant transfers.

Meanwhile, the recurring phenomenon illustrating XRP dumps to Bitso and Bitstamp appears to result from Ripple’s recent strategic stake acquisition in the above-mentioned exchanges.

Also Read: Crypto Prices Today: Market Rebounds As Bitcoin, Pepe Coin, BSV Rally

XRP Price Soars

As of writing, the XRP price rose 4.41% over the past 24 hours and currently rests at $0.6492. Moreover, the token showcased a surge of 5.65% over the past week, accompanied by a monthly upswing of 8.24%. The upward movement portrayed by the token’s chart in recent days appears to have fueled optimism for XRP among crypto market traders. Moreover, the recent emergence of significant whale transfers orbiting XRP indicates a surge in traders’ activity encompassing the token.

Intriguingly, a crypto analyst further shared remarks mirroring the market sentiments for the Ripple-backed token. According to Cryptoes, XRP now rests above the bull pennant resistance level. This further spotlights token’s uptrend, hinting toward a potential continuation of the bullish movement.

Also Read: Chainlink (LINK) Price Shoots 17% Amid Strong Whale Activity

The post XRP Price Rockets As Whale Moves 39 Mln XRP, Rally To Propel? appeared first on CoinGape.

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Filed under: News - @ December 28, 2023 6:27 am