$120 million XRP in minutes, what's happening?
On May 16, a massive transfer of 50,000,000 XRP was observed between two unidentified whales, according to the latest data from the blockchain monitoring company Whale Alert.
Data shows that a large XRP transfer amounting to $120,789,137 was sent from an unknown account to another unknown account in a single transaction. The receiving wallet appears to have been inactive since the end of last year.
XRP aims for a breakout at $3
Although the market saw XRP's price stabilize above $2, investors remained bullish as XRP's trading activity remains positive.
This recent whale activity, which occurred off-exchange, has sparked speculation as many are questioning the reason for the transfer. While the reason for the transfer remains uncertain, this move has not had a direct impact on the price of XRP, as the cryptocurrency continues to trade steadily around the $2.4 mark.
Data from CoinMarketCap shows that XRP has significantly decreased by 2.92% over the last 24 hours. Thus, the token is trading at $2.41 at the time of publication.
Although XRP is moving on a negative trajectory, investors remain bullish, and network metrics suggest that the token is gearing up for another surge, with a breakout at $3 on the horizon.
Although the massive transfer of XRP cannot be attributed to panic selling, it may be an attempt to generate hype around the asset, thereby fueling bullish sentiment among investors.
Previous data from the company shows a similar transaction involving the movement of $120,386,319 in XRP among whales on May 15. Although this transfer was executed from different addresses, it raised concerns as investors continue to monitor network movements.
Nevertheless, crypto transfers involving large volumes of tokens between unknown addresses are often traced back to internal rebalancing among high-profile or institutional investors, or attempts to redistribute their assets, possibly for security reasons.
Despite trading in the red zone in recent days amid recurring market corrections, XRP has maintained its bullish momentum as its daily trading volume remained on the positive side, increasing by 11.94% over the last 24 hours.
This positive trend in XRP trading volume suggests growing demand among investors, strengthening the asset against the pressure from panic sellers and exit bids.
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