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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.