In a recent whale movement, 24 million XRP tokens, equivalent to $14.88 million, were transferred. This crypto spectacle took place between an undisclosed wallet and the renowned crypto exchange Bitstamp, drawing the community’s interest. Especially noteworthy was the extremely low transaction fee paid for this large transaction, amounting to just 0.000015 XRP.
XRP Whales at Work
This event indicates the second significant whale movement within 24 hours after the transfer of 24.2 million XRP tokens to Bitstamp on December 4th. Such maneuvers have led to speculation among XRP enthusiasts, raising questions about potential market manipulation by these influential players. The ongoing crypto bull market has triggered both optimism and skepticism, contributing to XRP surpassing $0.60 in recent times.
Despite a short-lived rally, XRP has faced the challenge of shaping institutional interest. The lack of widespread institutional participation has redirected investors‘ attention to more mainstream options like Bitcoin and Ethereum. This shift, combined with increased sell-offs and liquidations, has contributed to a temporary downturn in XRP prices.
Increasing Number of XRP Holders
Despite market dynamics posing challenges, the expanding investor base of XRP indicates continued interest. According to Santiment, the number of XRP holders has exceeded 4.88 million. This increase in XRP holders highlights investors’ ongoing confidence in its potential.
As XRP strives to regain its position of growth, its performance remains under scrutiny. Once a community favorite, the crypto now sets its sights on what is believed to be crucial institutional support for sustained upward movement. However, recent data from Coinshares indicates a differentiation in institutional flows, with Solana attracting significant inflows compared to XRP.
Weekly data showed that as of December 1st, XRP collected $500,000 in ETP inflows, while Solana surpassed it with $4.3 million. This shift in institutional interest has contributed to ongoing challenges for XRP in maintaining the significant resistance level of $0.60.
At the time of writing, XRP was trading at $0.6129, reflecting a 1.86% decrease in the past 24 hours but a flexible increase of 2.99% over the past seven days. With a marginal decrease in trading volume, XRP’s 24-hour trading volume stands at $16 billion.