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XRP whales are active as millions of digital coins have been detected on-chain in the last 24 hours. According According to data from crypto information platform Whale Alert, there have been at least two massive whale movements so far. The largest, involving about 50,000,000 XRP worth approximately $27,602,730, was moved from the CryptoCom exchange to an unknown wallet.
The second XRP whale movement featured 26,700,000 XRP valued at a market price of $14,829,710 moved from an unknown wallet to Bitstamp. In particular, the movements of these tokens likely connote different motifs. While the transfer of funds from an unknown wallet to Bitstamp could involve possible liquidation, that of CryptoCom could be associated with possible custody.
With no way to judge the intentions of these token owners, it is highly unlikely that this permutation is accurate. Since the utility of
Furthermore, the XRP sent to Bitstamp could also go towards some passive income products on the trading platform. It should be noted that XRP now appears on different platforms as a token with a high propensity to grow.
How is XRP price reacting?
As evident from the reactions that followed the whale transfer updates, many in the industry are already labeling this as a red flag that could connote an imminent sell-off. Despite this bearish sentiment, XRP is in positive territory, with its price up 1.2% at the time of writing to $0.5537.
This impressive growth rate is accompanied by a 57% increase in trading volume to $797.9 million, cementing XRP as one of the most in-demand tokens on the market today. While corrections are not generally ruled out after a positive October, the permutations indicate that XRP is primed for more ambitious runs in the near term.
