Ripple-supported altcoin XRP has been in the spotlight due to significant whale transfers to centralized crypto exchanges. Whale Alert reported movements of over 48 million XRP to exchanges, coinciding with a period of rising altcoin prices, prompting analysis of XRP’s price trajectory.
According to Whale Alert, on January 12, two large whale transactions were recorded, totaling 48.2 million XRP moved to centralized exchanges. The XRP originated from an anonymous wallet known for similar transfers, moving to Bitstamp and Bitso exchanges.
The whale-level wallet transactions distributed 23.6 million XRP to Bitstamp and 24.6 million XRP to Bitso. Interestingly, this coincided with Ripple’s recent strategic buyback announcement involving these exchanges.
These movements by crypto whales suggest a significant shift in market sentiment for XRP amidst a partial price surge, indicating an exciting change in the altcoin market dynamics.
At the time of writing, XRP’s price had seen a slight 24-hour increase of 0.71%, trading at $0.5969, with a weekly rise of 3.87%. A crypto analyst, Cryptoes, sparked speculation within the XRP community by suggesting a potential downtrend based on current market dynamics, predicting a possible retreat to a support level of $0.578.