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In the past two days, the cryptocurrency market experienced a strong XRP trend. During this period, XRP’s price momentarily surged by 30%, drawing the attention of investors. While these events unfolded, whales were also active, executing some trades as the Ripple-backed token moved towards the $0.7 level. Transaction speculations were brought to light by Whale Alert.
XRP Whale Transactions on the Rise
According to information provided by Whale Alert, which tracks whale transactions on the Blockchain, whale activity on the XRP front continued.
In the last 24 hours, six different transactions took place, moving a total of 117.92 million XRP. Five of these transactions involved transfers to Binance, the world’s top exchange by volume, while the sixth was a large transfer to Bitstamp.
Of the transactions carried out on Binance’s side, 95.2 million XRP were moved and deposited into the exchange, while a notable whale transferred 22.6 million XRP to Bitstamp.
The transfer activities to exchanges have shifted global investors’ interest towards XRP and raised questions.
Amidst all this, it is important to remember that XRP recently experienced a price movement above the market average. The price had increased by 30% during the hours when Bitcoin‘s ATH was reached, climbing above $0.70.
According to data provided by CoinMarketCap, XRP has shown above-market gains in its monthly and weekly outlook. The recent transfer activities to exchanges could be interpreted as XRP whales possibly looking to take profits in the coming days.
XRP Price Movements
As of writing, there has been a 0.39% increase in XRP’s price in the last 24 hours, currently finding buyers at the $0.6990 level. The weekly increase has receded from 30% to 18.30%, while the monthly rise indicates a 31.29% increase.
The price continued to move towards the $0.7 level for a short time, confirming analysts’ predictions of a potential rise towards the $1 level.
Looking at the data shared above, the increased on-chain whale activity pointed to an accumulation activity. Accordingly, market analysts continue to make predictions about potential future price movements of the token.
Lastly, it is worth noting that derivative data released by Coinglass has been turning negative. During this period, open interest and volume decreased by 1.83% and 33.25%, respectively, suggesting that a price consolidation could occur soon.
