XRP Crypto Exchange Hoards 47 Million Tokens Worth USD 25.86 Million, What For?

Liputan6.com, Jakarta – XRP, the digital asset associated with Ripple, has seen significant market activity amid price fluctuations. The latest blockchain data has revealed significant token movement, with XRP crypto whales accumulating over $20 million worth of tokens amid price declines.

This then raises speculation of a potential reversal. The dealer recently acquired around 47 million XRP tokens worth $25.86 million. This accumulation occurred during a time of price declines and increases, thus triggering speculation of a potential market reversal.

launch CoingapeSaturday (7/19/2024), on-chain transaction tracker Whale Alert reported two large transfers to an unknown wallet address. The first transaction saw 22 million tokens (USD 12.08 million) moved from Upbit to the wallet “r418…pVGH“.

In the second transfer, 24.8 million tokens ($13.7 million) were sent from Binance to the wallet “rfQ9…k8Cvi“. The large accumulation by XRP whales during the price drop suggests that some large investors see the current price as an attractive entry point.

However, market sentiment remains mixed. Along with this accumulation, other exchanges have sold around 75 million tokens to exchanges including Bitstamp, Bitget, and Bitso. This selling activity is seen by some analysts as profit-taking, a common strategy among traders.

In the latest data, the price of XRP is trading at around USD 0.5494. The token has experienced a price decline of 4.90% over the past day, but has maintained a gain of 17.94% over the week. With a circulating supply of 56 billion XRP, the cryptocurrency's market capitalization is USD 30.7 billion.

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