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After multiple days of trading sideways, $XRP is showing signs of a potential rebound again, and whales appear to be repositioning amid the broader crypto market shift.
As $XRP appears to be headed for a brief price resurgence, multiple crypto transfers carrying large amounts of $XRP have been spotted. According to data provided by the tracker, a total of over 334 million $XRP was moved among multiple unknown wallets in just a few minutes on Friday, December 19.
The large transfers were executed in four separate transactions, with two transfers involving 79.16 million $XRP each. Both transfers collectively are worth about $300 million, according to the data.
Furthermore, the remaining two transfers were also identical but larger, carrying 87,960,030 $XRP each. They were worth between $166 million and $167 million, per $XRP’s price at the time each transfer was executed.
Notably, all four transactions share a similar nature, as both the senders and destinations of each of the large $XRP transfers were not identified, causing market watchers to wonder about the purpose of the multiple $XRP transfers.
While the transactions happened consecutively, speculators suggest the moves could be a strategic institutional repositioning in anticipation of something big.
Is $XRP headed for a rebound?
The mysterious nature of all four transfers makes it difficult to directly link the movements with $XRP’s sudden price shift. However, with the transfers coinciding with $XRP’s brief price surge, speculators have suggested that the transfers could have had a positive impact on the leading altcoin.
Nonetheless, with $XRP’s slow price movements over the past few days, its sudden divergence toward a bullish trajectory suggests that a major price rebound may be near.
After sliding as low as $1.77 during its current trading session, the sharp increase has pushed its price higher, showing a decent price surge of 3.29% and trading at $1.88 as of writing time.
The resurgence in $XRP’s price also appears to have been driven by strong demand from $XRP ETFs. The funds pulled in over $30 million in their latest single-day inflow.