100 Million XRP Tokens in 24 Hours, What's Happening?
2024-10-09

XRP whales have been making strategic moves today. While such moves do not really impact price movements, it is crucial to read the minds of these large investors. These insights can help in understanding the current sentiment among whales and see what the market is expecting from them. Analyzing these movements becomes more crucial if they consist of a big amount of coins.
Earlier today, Whale Alert reported that a XRP whale transferred 100 million tokens. The crypto tracking service revealed that these coins were sent from an unknown wallet to another unknown wallet. Allegedly, these wallets belong to the same XRP holder. The total value of these coins is valued around $53 million, based on the XRP price at the moment.
It should be noted that such movements of coins do not leave any impact on the price. As mentioned before, whales transfer assets between their own wallets for strategic reasons. While the exact reasons are unknown, these transfers can be done ahead of a potential purchase and diversifying the wallets. They can also be related to long-term holding strategies, which is a positive sign for the market.
XRP price movement
The price of the Ripple-backed coin, as of writing this story, is $0.5326. XRP has jumped merely 0.33% in the last 24 hours, with no signs of any substantial gains. The trading volume of the coin has decreased 23.93% during this time, as it currently stands at $852 million. This lack of trading activity suggests a lack of interest in XRP for the time being.
However, whales are still holding the coin for the long term, and their strategic moves suggest that they may be anticipating a potential price rally. XRP has to somehow end its sideways movement in order to trigger this rebound and break out of the current channel. The following days will be crucial for the coin.