Story Highlights
XRP whales moved 431 million coins in a single day, sparking concerns of a market dump.
Ripple co-founder Chris Larsen sold 20 million XRP, adding to market speculation.
XRP price remains below $0.60, with bulls aiming to break this resistance level.
Ripple’s native token, XRP, has surged back into the spotlight as whales make massive transactions, moving nearly 430 million coins in a single day. This wave of activity has raised concerns about a potential market dump, especially following a significant sell-off by Ripple co-founder Chris Larsen.
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With XRP’s price struggling below the $0.60 mark, many are left wondering what lies ahead for the token’s future.
Big Transfers by XRP Whales
According to Whale Alert, a popular crypto tracking service, an astounding 431.08 million XRP were transferred between exchanges and unknown wallets in just 24 hours. This comes on the heels of Chris Larsen’s recent sale of
20 million XRP
, fueling speculation about the token’s next move.
Among the major transactions, one unknown address purchased 30 million XRP, valued at around $17.68 million, from the Bybit exchange. In contrast, another well-known address offloaded 17.23 million XRP, worth approximately $10.16 million, to Bitstamp.
17,310,000
#XRP
(10,165,958 USD) transferred from unknown wallet to
#Bitstamp
https://t.co/rM3uT6BZnO
— Whale Alert (@whale_alert)
September 23, 2024
Additionally, a whopping 383.85 million XRP, estimated to be worth $224 million, were moved between several wallets. These large-scale transactions have caught the attention of the crypto community, sparking curiosity and concern about what XRP whales might be planning next.
Also Read :
Will the $8 Billion Mt.Gox Repayments Crash the Crypto Market?
,
Current XRP Price Performance
Currently,
XRP is trading at around $0.59
, showing signs of stagnation. However, market bulls are hopeful that breaking through the $0.60 resistance could reignite interest and drive the price higher.
Markets on the Rise!
Supporting this optimism, Coinglass data reveals that XRP’s futures open interest rose by
0.78%
, reaching $749.55 million. Additionally, the derivatives volume surged by 17.52%, climbing to $857.62 million. These trends suggest that traders are positioning themselves for potential price movements in the near future.
Are these whale transactions a sign of a potential market crash, or are they simply accumulating for a future price surge? Share your analysis.
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