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XRP, one of the top five cryptocurrencies by market value, sparked considerable curiosity in the crypto world on Thursday by recording notable whale transactions. Moreover, the whale transactions occurred amidst today’s price increase of the token, stirring up a whirlwind of speculation across the broader crypto market.
XRP’s Whale Activity
Parallel to the price increase witnessed by the Ripple-backed cryptocurrency, a leading crypto analyst shared his views on the token’s market performance. In addition, Whale Alert, a platform providing Blockchain data, disclosed two significant XRP whale transactions today. According to the data, an unknown wallet transferred 42.8 million XRP to two different CEXs, Bitstamp and Bitso. The anonymous wallet moved 24.6 million XRP to Bitstamp and, in another transaction, transferred 18.2 million XRP to Bitso.
The amount of tokens transferred to Bitstamp was valued at 15.28 million dollars, while the transfer to Bitso was estimated at 11.30 million dollars. The XRP transfers to Bitstamp and Bitso have come to the fore as recurring events since the CEXs announced partnership plans with Ripple Labs, the company behind XRP. Additionally, the aforementioned whale transactions occurred following the token’s price increase over the last 24 hours.
Analyst Comments on XRP
Simultaneously, these transactions created a significant wave of speculation among crypto market enthusiasts, with the token once again surpassing the 0.62 dollar mark. At the time of writing, the XRP price recorded a marginal increase of 2.87% and is currently trading at 0.6245 dollars. Despite the slight increase, the token’s recent trading at a low of 0.5989 dollars suggests that its price trajectory is gaining significant momentum in the wider crypto market.
Moreover, the price increase of XRP was accompanied by a modest increase of 2.89% in its market value. However, a prominent crypto analyst emphasized the marginal leap witnessed by the Ripple-backed cryptocurrency. Analyst Cryptoes pointed out that XRP’s depicted close was just above the 21MA, making it a less convincing event. He also highlighted how insignificant the token’s market impact remained. Amidst the weekly and monthly declines that the token has experienced, the current rise seems to have gained notable interest.
