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$XRP sees increased activity, major wallet transactions, and market consolidation.
$XRP recently experienced a surge in buying activity, coinciding with a surge to the $0.60 mark. However, the upward momentum has since stalled, leading to a phase of sideways consolidation. During this period, the market has observed significant transactions involving large amounts of $XRP.
$XRP Transactions Linked to Exchanges
Notable transactions occurred on September 24, 2024, as a new address activated by Bitstamp sent millions of $XRP on four occasions to a receiving wallet, totaling 383 million $XRP.
Both addresses activated by Bitstamp 1. 95M sent four times today to receiving wallet 384M total. https://t.co/oItBUzH2jR https://t.co/KRY811H8dT pic.twitter.com/nBZZMHcIuo
— $XRP_Liquidity (Larsen/ODL Tracking) (@XRPwallets) September 24, 2024
The first transaction, which took place at 16:07 UTC, involved the transfer of 98.852 million $XRP, worth approximately $57.8 million, between two unknown wallets. This was followed by three similar transfers of 95 million $XRP each, valued between $55.5 million and $55.8 million, occurring within minutes of each other.
Following these transactions, the receiving wallet subsequently moved 1 million $XRP to another new unknown wallet, further fueling market speculation.
Amid these movements, additional activity caught the attention of market watchers. Upbit, a South Korean exchange, transferred 30 million $XRP, worth about $17.4 million, to an unidentified wallet.
Whale Alert, a prominent crypto transfer tracker, flagged this large transfer. The substantial transfers by $XRP whales often signal holding intentions, which can be seen as a bullish indicator since they may reduce sell pressure on the market.
Ripple Co-Founder Transfers Raise Concerns
The activity did not stop with large bags and exchanges. Chris Larsen, Ripple’s co-founder and one of the largest $XRP holders, moved 20 million $XRP.
These funds were transferred from Larsen’s known wallet to a private wallet previously linked to sales on Binance, with subsequent transactions directed towards Binance. This chain of transfers has amplified market speculation about potential sell-offs.
Potential Breakout for $XRP?
However, while $XRP’s market movements draw scrutiny, analysts continue to study its price action. Sahintas, a prominent market analyst, suggests that $XRP could nearly double its previous all-time high in the coming months.
According to his analysis, $XRP’s price remains volatile but shows potential for a significant breakout. Earlier this month, $XRP dropped to $0.5026 before rebounding and testing the $0.60 resistance level.