XRP, a leading altcoin, is experiencing significant activity following an ETF decision. Whale Alert revealed large on-chain movements of 68 million XRP, capturing the attention of crypto investors. Amidst these transactions, market sentiments around the token appear to be shifting positively, fueled by an optimistic analysis from a prominent crypto analyst.
Whale Alert tracked three major whale transactions involving the transfer of 67.6 million XRP valued at $39.05 million across exchanges on January 11th, post the Bitcoin ETF approval. Despite the common belief that crypto sent to exchanges indicates a potential price drop, Ripple’s native token continues to rise in value.
The first notable transaction involved the transfer of 25.8 million XRP worth $14.71 million to the Bitstamp exchange. A second transaction of 19.8 million XRP, valued at $11.22 million, was sent to Bitso. Both transactions originated from the same wallet address, sparking rumors within the crypto community.
The final transaction differed as it moved 22 million XRP worth $13.12 million from Upbit to an unidentified wallet, not going unnoticed by market watchers. As a result of these movements and the ETF decision, XRP’s price surged by 6% to $0.595, briefly surpassing $0.6, and the trading volume increased by 45%, reaching $2.49 billion.
At the time of writing, XRP trades at 17.90 TRY, reflecting a 6% increase in the XRP/TRY pair. Analyst Cryptoes highlighted XRP’s recent gains, suggesting a positive price trend ahead of the Bitcoin halving event.