XRP, one of the most popular altcoins in the cryptocurrency market, has recently attracted significant attention due to substantial whale transactions, making it the day’s most notable asset. The interest from whales suggests that investors are keen on the Ripple-supported altcoin. According to recent on-chain data, approximately 537 million XRP were moved in four large transactions, sparking curiosity among crypto investors and leading to speculation about potential sell-offs. Experienced crypto analyst Cryptoes advised caution regarding the current market dynamics of the Ripple-supported altcoin.
Whale Alert, a platform that tracks major blockchain movements, reported four significant XRP transactions today. The largest involved the transfer of 300 million XRP from Binance to an anonymous wallet address, valued at $185.08 million at current prices. Another major transaction saw 139.37 million XRP moved between unknown wallet addresses, starting from an anonymous wallet with the address beginning with rPz2q.
The third substantial transaction detected was the transfer of 27.80 million XRP from an anonymous wallet to the cryptocurrency exchange Bitstamp. The day’s final and fourth XRP transaction involved moving 70 million XRP, worth $43.17 million, from Ripple to an anonymous wallet address.
At the time of writing, XRP’s price had increased by 0.87% over the last 24 hours, trading at $0.6281. The altcoin has been mostly flat today, but experienced crypto analyst Cryptoes has issued a warning. The analyst highlighted concerns about XRP’s current market performance.
According to Cryptoes, XRP’s daily candle closed below the 21MA, which is a concerning sign. Despite the altcoin closing above the green H&S neckline, the analyst emphasized the need for caution and advised against rushing into purchasing XRP.
