XRP Whale on the Move: Market Watches Closely

On Aug 23, 2024

Whale Alert tracked two massive XRP transfers from an unknown wallet to the Bitso and Bitstamp exchanges, raising market speculation.
Analyst SMQKE suggests XRP could outperform Bitcoin and Ethereum due to its technological superiority and Tether’s reserve issues.

In the face of continued turmoil in the crypto market, whale investors have returned to the Ripple coin, XRP. Whale Alert, a popular whale activity tracker, has discovered two big transactions sending XRP tokens to exchanges from the same unknown wallet, identified as 5XgwHh4Rzn.

🚨 26,400,000 #XRP (15,725,905 USD) transferred from unknown wallet to #Bitsohttps://t.co/AtsNfH3wdf
— Whale Alert (@whale_alert) August 22, 2024

Massive XRP Transfers to Bitso and Bitstamp Spark Market Reactions

In the first transaction, the wallet transferred 26.40 million XRP, or approximately $15.725 million, to a Bitso exchange wallet. Shortly later, the second transaction transferred 26.02 million XRP worth $15.509 million to a wallet on the Bitstamp exchange.

These large-scale XRP fluctuations have triggered reactions from users on X. Some users feel these transactions indicate an impending liquidation event, while others see them as a positive omen for the token’s future.

Despite these speculations, XRP has failed to hold its price above $0.60. At the time of writing, XRP is trading around $0.5984, down 0.70% over the last 24 hours and remaining in a consolidation pattern over the last few days.

On the other hand, CNF has reported that Brandon Biggs, who correctly predicted the Trump shooting event, has projected a significant price increase for XRP.

This prediction comes as on-chain activity for XRP picks up, keeping the crypto at the forefront of conversations, particularly given the ongoing regulatory issues with the US SEC.

Furthermore, as we previously noted, a researcher known as SMQKE has indicated that XRP could outperform Bitcoin and Ethereum, especially in light of recent discoveries about Tether’s reserve problems. Citing a Bank of France research document, the analyst stressed that XRP is technologically better than Bitcoin and lacks bubble-like features.