The latest notable transactions within the cryptocurrency market saw whales transferring XRP tokens worth more than $40 million (more than 77 million coins) within two exchanges.
One transaction saw the investor moving 50 million tokens, worth approximately $27.6 million, from Crypto.com to an identified wallet.
Also, Whale Alert revealed a similar massive transaction, where an investor transferred XRP worth over $14.82 million (around 26.7 million tokens) from an unknown wallet to Bitstamp.
A rally on the horizon?
The recent move by XRP whales triggered various speculations within the cryptocurrency community.
While the crypto market isn’t new to massive transfers by participants, whales moving tokens out of exchanges signal that they presser holding the cryptos for potential returns. Thus, the current XRP move by wealth investors highlights a bullish future for the altcoin.
XRP price outlook
Ripple’s token changed hands at $0.5581 at press time, following a 0.93% 24-hour increase. Also, XRP’s daily trading volume jumped over 55% to $861,272,114. The crypto exhibits optimistic market stats, with its live market capitalization soaring over 0.95% within the past day to $29,891,548.
XRP gained 5.12% within the previous seven days. Analysts remain confident about the alt’s future trajectory. For instance, some trust the coin can surge 140% if it wins the battle with the SEC.
Meanwhile, the Ripple team remains confident about defeating the securities regulator, considering the latest developments. Further, the cryptocurrency market seems ready for a massive bull run, which will see altcoins like XRP exploding to record highs.
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