Ripple Labs‘ issued prominent altcoin XRP is back in the spotlight today with significant whale transactions. According to the publicly shared data by Whale Alert, which tracks major movements on blockchains, a total of 57.75 million XRP were moved to two leading centralized cryptocurrency exchanges, Bitstamp and Bitso, in two large whale-level transactions. An anonymous cryptocurrency analyst, XRP Whale, claimed that the token would sharply rise in a short time and attract significant attention from cryptocurrency market participants.
Whales Transfer Millions of XRP to Exchanges
According to the latest data revealed by blockchain monitoring platform Whale Alert, 57.75 million XRP worth $29.85 million were transferred to centralized cryptocurrency exchanges Bitstamp and Bitso in two transactions. In the first transaction, 29.8 million XRP worth $14.40 million were transferred to Bitso, while in the second transaction, 27.95 million XRP worth $14.45 million were moved to Bitstamp.
The fact that both transactions were made by the same wallet address makes these transfers noteworthy. Even more interesting is that these transactions to the same wallet address and two centralized cryptocurrency exchanges seem to be increasing following Ripple’s recent strategic share buyback from these exchanges. Previously, similar amounts of XRP were moved to the same centralized cryptocurrency exchanges by the same wallet address.
In parallel with the two whale transactions identified, XRP’s open interest (OI) shows a trend reflecting today’s upward price movement with a 3.61% increase at the time of writing, indicating investors’ confidence in the bullish trend. Additionally, open positions in the options market have also seen a 15.02% increase, reaching $290.99 thousand.
Analyst’s Expectations for an XRP Rally
The price of XRP is trading at $0.5176, reflecting a 1.41% increase in the last 24 hours at the time of writing. It is noticeable that the altcoin is on the positive side with a 2.38% growth on a weekly basis.
On the other hand, the anonymous cryptocurrency analyst XRP Whale continues to expect a significant rally for XRP. The analyst anticipates the altcoin to soon start an upward movement and surpass the $0.6 threshold.