XRP, one of the most prominent cryptocurrencies by global market cap, again curated a hurricane of speculations across the crypto landscape on Thursday as the token jotted down significant whale activity within the market. Intriguingly, as per on-chain data unveiled by a blockchain tracking platform, roughly 68 million XRP on the move caught the eyes of crypto market enthusiasts globally.

Furthermore, as these transactions surface over the crypto horizon amid XRP’s noteworthy price surge, market sentiments revolving around the token seem to be taking an exciting turn. In the interim, a renowned crypto analyst further spotlights XRP’s current market dynamics, garnering bullish sentiments for the token.

XRP Whale Activity: A Detailed Report

According to the blockchain tracking platform Whale Alert, three colossal whale transactions collectively attributed to the shifting of 67.6 million XRP, worth $39.05 million, between unknown wallets and CEXs. Notably, these transactions occurred today, January 11, coinciding with the price uptick noted by the Ripple-backed token.

The first transaction that piqued traders’ interest globally moved 25.8 million XRP, worth $14.71 million, to Bitstamp, a Luxembourg City-based CEX. Whereas, the second transaction that nabbed global attention shifted 19.8 million XRP, worth $11.22 million, to Bitso, a Mexico City-based CEX. Remarkably, both these transactions were made via the same wallet address, r4wf7enWPx…5XgwHh4Rzn, fueling speculations.

Apart from these, the third transaction that shifted XRP from a CEX to an unknown wallet also seems to have bagged crypto market fanatics’ attention. This transaction showcased the transfer of 22 million XRP, worth $13.12 million, from Upbit to an unknown wallet, rE3Lp6826n…LHXhDv6n24.

Also Read: Ethereum and Altcoins Are the Biggest Winners of Bitcoin ETF Approval

XRP Price Surges

As of writing, the XRP price portrayed notable gains over the past 24 hours, surging 5%, reaching $0.5889. Moreover, the token briefly crossed the $0.6 mark today, birthing optimism across the globe.

In addition, even the trading volume soared 45% and currently rests at $2.47 billion.

Aligning with this, crypto analyst Cryptoes further spotlighted XRP’s recent gains. According to Cryptoes, XRP is back above significant support, showcasing a positive outlook ahead. With this, the crypto analyst further amassed bullish thoughts on the Ripple-backed token.

Also Read: What Importance Does A US Bitcoin ETF Hold? All Details

The post XRP Whales Move 68 Mln XRP As Price Sprints Past $0.58 appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am