The XRP cryptocurrency, a digital currency mapped out to enable cost-effective cross-border payments on the Ripple network, continues to amass bullish market sentiments within the cryptocurrency universe.

In addition, the token appears to be extensively eyed by crypto market enthusiasts as it noted an enormous increase in whale activity.

Meanwhile, whale transactions orbiting around the Ripple-backed cryptocurrency showcased the reallocation of 132.61 million XRP, as per market charts.

Simultaneously, the XRP price also pumped marginally amid the colossal surge in whale activity.

XRP Whale Activity: A Detailed Study

According to the data unveiled by Whale Alert, a platform facilitating blockchain tracking, the Ripple-backed cryptocurrency noted three massive transfers recently.

Interestingly, the first two transactions that fueled speculations among crypto market traders dumped 42.6 million XRP to two different CEXs, Bitstamp and Bitso. As per the data, the unknown wallet address, r4wf7enWPx…5XgwHh4Rzn, transferred 24.80 million XRP to Bitstamp, a Luxembourg City-based crypto exchange. Moreover, the amount of tokens transferred was evaluated to $15.45 million while writing.

Additionally, the same wallet address recorded another transfer of 17.80 million XRP worth $11.09 million to Bitso, a Mexico City-based crypto exchange.

Intriguingly, as reported by CoinGape media earlier, the same wallet recorded transferring hundreds of millions of XRP to CEXs over the past few days.

On the other hand, another whale transaction that nabbed significant attention transferred a whopping 90.01 million XRP between unknown wallets. According to the insights by Whale Alert, the wallet address, rLRiiaAHTg….MXEJywMtfA, transferred the prior mentioned amount to another address, rGBd4yrHiD…FXmXXMeZqy.

The recent upsurge in the XRP whale chronicle appears to have piqued quite the interest of crypto market enthusiasts. Furthermore, the Ripple-backed cryptocurrency also witnessed a price surge amid the rush in whale activity.

Also read: Binance CEO Richard Teng Slams Bankers on Traditional Monetary System Frauds

XRP Continues To Pump

While writing, the XRP price jotted down an upswing of 4.55% in the past 24 hours, evaluating $0.6495. In addition to this, the token also witnessed a weekly surge of 7.34%. What’s even more fascinating is that the token briefly touched a weekly high of $0.6525 today, December 7.

Besides, the twenty-four-hour trading volume also experienced a substantial upswing of 37.60%, reaching $2.13 billion.

Furthermore, one of the leading crypto analysts, Dark Defender, recently proclaimed that the Ripple-backed cryptocurrency is now eyeing a new ATH.

However, another crypto analyst, Egrag Crypto, offered a short term analysis for the XRP cryptocurrency. According to Egrag, XRP is currently reflecting past price patterns within a Descending Channel (DC), aiming to break out of DC B and confront the challenge of surpassing it to reach Fib 0.5. Achieving Fib 0.5 at 0.7529c could pave the way for a potential move toward the 1.3-1.5$ range, indicating a possible shift from a downtrend to an uptrend.

Moreover, crypto analysts Dark Defender and Muro Crypto, appear to be taking a stand with XRP portraying bullish market sentiments. According to these analysts, although a slow mover, the XRP token carries the potential to pump higher, along with a potential to reach a new ATH.

Also read: Binance CEO Thrashes Jamie Dimon’s Anti-Crypto Narrative During Senate Hearing

The post XRP Price Soars As Top Analysts Foresee Bull Run & Whales Shift 133 Mln XRP appeared first on CoinGape.

---

Filed under: News - @ December 7, 2023 9:26 am