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XRP, one of the most popular altcoins in the cryptocurrency market, once again saw notable interest and became the day’s most attention-grabbing asset due to significant whale transactions. The interest of whales in XRP indicates that investors are showing interest in the Ripple-backed altcoin. According to current on-chain data, a total of approximately 537 million XRP were moved recently. The movement of these XRP in four large transactions has aroused great curiosity among cryptocurrency investors and led to sell-off claims. Experienced cryptocurrency analyst Cryptoes drew attention to the current market dynamics and advised against rushing into the Ripple-backed altcoin.
537 Million XRP Moved in Four Transactions
Whale Alert, a platform that tracks large movements on blockchains, reported four major XRP transactions today. The largest of these transactions was the transfer of 300 million XRP from Binance to an anonymous wallet address starting with rPz2q… The XRP moved to this wallet address is equivalent to $185.08 million at current prices.
The second major transaction that caused speculation in the cryptocurrency world involved the movement of 139.37 million XRP between unknown wallet addresses. According to on-chain data, this transfer was made from an anonymous wallet address starting with rPz2q… to another wallet address starting with rPJ5G….
The third major transaction detected was the transfer of 27.80 million XRP from an anonymous wallet address starting with r4wf7… to the cryptocurrency exchange Bitstamp. The day’s last and fourth XRP transaction was recorded with the movement of 70 million XRP, valued at $43.17 million, from Ripple to an anonymous wallet address.
Warning Issued: “Do Not Rush” with XRP
At the time of writing this article, XRP’s price has seen a 0.87% increase in the last 24 hours, trading at $0.6281. Today, the altcoin has mostly followed a sideways trend, and experienced cryptocurrency analyst Cryptoes has issued a warning. The analyst emphasized that XRP’s current market performance is concerning.
According to Cryptoes, XRP’s daily candle closed below the 21MA. The analyst pointed out that despite the altcoin closing above the green H&S neckline, caution should be exercised and one should not rush into buying XRP.
