XRP Whales Shift 68 Mln XRP as Price Surges Above $0.58

XRP, a leading cryptocurrency in terms of global market capitalization, once again stirred speculation within the crypto community on Thursday. The token witnessed significant whale activity, with approximately 68 million XRP on the move, as revealed by on-chain data from a blockchain tracking platform. This sizable transaction volume has captured the attention of crypto enthusiasts worldwide.

Against the backdrop of XRP’s notable price surge, these transactions have added an intriguing dimension to market sentiments surrounding the token. Concurrently, a well-regarded crypto analyst has shed light on the current market dynamics of XRP, contributing to a growing bullish sentiment for the token.

Diving into the specifics, a detailed report by the blockchain tracking platform Whale Alert highlights three substantial whale transactions involving the transfer of 67.6 million XRP, equivalent to $39.05 million, between undisclosed wallets and Centralized Exchanges (CEXs). Notably, these transactions occurred on January 11, aligning with the observed price uptick in the Ripple-backed token.

The first noteworthy transaction involved the movement of 25.8 million XRP, valued at $14.71 million, to Bitstamp, a CEX based in Luxembourg City. Meanwhile, the second transaction that garnered global attention saw the transfer of 19.8 million XRP, totaling $11.22 million, to Bitso, a CEX situated in Mexico City. Remarkably, both transactions originated from the same wallet address, namely r4wf7enWPx…5XgwHh4Rzn, adding fuel to speculative discussions within the crypto community.

🚨 25,800,000 #XRP (14,717,177 USD) transferred from unknown wallet to #Bitstamphttps://t.co/99IflHKaoF

— Whale Alert (@whale_alert) January 10, 2024

In addition to the aforementioned transactions, the third notable transaction involving the transfer of XRP from a Centralized Exchange (CEX) to an undisclosed wallet has captured the attention of crypto enthusiasts. This particular transaction witnessed the movement of 22 million XRP, valued at $13.12 million, from Upbit to an unknown wallet with the address rE3Lp6826n…LHXhDv6n24.

🚨 19,800,000 #XRP (11,229,689 USD) transferred from unknown wallet to #Bitsohttps://t.co/UUP32JcHeR

— Whale Alert (@whale_alert) January 10, 2024

As of the current writing, XRP has demonstrated noteworthy gains over the past 24 hours, experiencing a 5% surge and reaching $0.5889. Furthermore, the token briefly breached the $0.6 mark today, instilling optimism throughout the global crypto community.

Additionally, the trading volume has experienced a substantial 45% increase, currently standing at $2.47 billion.

In line with these developments, crypto analyst Cryptoes has emphasized the recent gains of XRP. According to Cryptoes, XRP has reclaimed a position above significant support levels, indicating a positive outlook for the future. Consequently, the crypto analyst has expressed bullish sentiments regarding the prospects of the Ripple-backed token.