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$XRP, the sixth-largest cryptocurrency by market capitalization, has seen significant token transfers over the last 24 hours. Blockchain data tracker Whale Alert reported two large $XRP transactions within this time frame, totaling about 44 million $XRP shifted.
Both transactions involved moving substantial amounts of $XRP from prominent exchanges to unknown wallets, typically a signal of either large-scale accumulation by whales or preparation for use in off-exchange activities.
According to Whale Alert, the most recent transaction involved the transfer of 18,783,349 $XRP (valued at approximately $27,227,070) from Major crypto exchange Binance to an unknown wallet.
🚨 🚨 18,783,349 #$XRP (27,227,070 USD) transferred from #Binance to unknown wallethttps://t.co/MXn2Mv3r9T
— Whale Alert (@whale_alert) November 28, 2024
This substantial movement was preceded by another significant transfer of 25,000,000 $XRP (worth around $36,676,055) from Upbit to an unknown wallet.
Large transactions like these often lead to speculation about the motives behind them; however, the actual explanation behind these transfers remains unknown.
The transfer of $XRP from exchanges to unknown wallets could indicate institutional investors or whales accumulating tokens for long-term holding. It might indicate a move to cold storage reducing available liquidity on exchanges and potentially signaling bullish sentiment. On the other hand, the transfers might be just a reshuffling of funds.
$XRP price action
At the time of writing, $XRP was up 3.29% in the last 24 hours to $1.46. This price movement suggests a positive market response, probably driven by the overall bullish sentiment on the cryptocurrency market, which saw Bitcoin make a shot at the $98,000 level.
$XRP fell by over 17% four days after reaching a multi-year high of around $1.63. However, $XRP still retains its weekly and monthly gains. $XRP is 29% weekly, while monthly, $XRP is up by almost 180% in its best month since April 2021.
$XRP rebounded from lows of $1.28 in Tuesday's trading session to reach highs of $1.52 in Wednesday's session. The rally stopped short, with today's highs reaching $1.49.
If the rebound is sustained, $XRP might eye the psychological milestone of $2. On the other hand, if the $XRP price declines, the $1 level could act as short-term support. A deeper retracing, however, may revisit the $0.85 level.