In the past 24 hours, XRP witnessed two significant transactions amounting to nearly 44 million tokens, flagged by blockchain tracker Whale Alert. The first transfer involved 25 million XRP (valued at approximately $36.7 million) leaving South Korean exchange Upbit for an unidentified wallet.
Shortly after, 18.8 million XRP (around $27.2 million) was moved from Binance, the world’s largest cryptocurrency exchange, to another undisclosed wallet. These high-volume transfers have fueled speculation about their intent, ranging from institutional accumulation to long-term storage or strategic repositioning.
When large amounts of cryptocurrency are withdrawn from exchanges, it often signals investor confidence and a bullish outlook, as holders typically move assets to offline wallets for safekeeping. Such movements reduce exchange liquidity, potentially affecting supply dynamics and indicating a positive sentiment toward future price appreciation. Alternatively, the transactions may be part of routine asset management, but their scale suggests broader market implications.
XRP Price Performance
Currently trading at $1.66, XRP has seen a massive 12.99% daily increase and remains up by an impressive 219% in the last 30 days. This aligns with a broader bullish trend in the cryptocurrency market, where Bitcoin and other major tokens have also surged. Despite falling roughly 51.4% from its all-time high of $3.4, XRP continues to demonstrate resilience, reflecting a remarkable 171% gain year-to-date.
Market analysts suggest that if XRP can sustain its current momentum, it may test the psychological $2 level. However, if bearish sentiment or selling pressure increases, the token could retrace toward $1, with a deeper pullback potentially targeting $0.85.
Conclusion
These large XRP transfers highlight increasing interest in the asset, signaling possible institutional involvement. Combined with XRP’s robust price performance, the market remains focused on whether the token can sustain growth or face heightened volatility.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.