XRP Whale Transactions Spike To 3-Month High As Smart Money Buys
01 Novembre 2023 - 9:30AM
NEWSBTC
XRP has witnessed a remarkable surge of over 29% in its value over
the last 12 days. The price has risen from $0.4771 to a two and a
half month high of $0.6209 yesterday. Sharks And Whales Make A
Splash This impressive price hike coincides with an increase in
whale transactions as well as the number of wallets holding more
than 10,000 XRP (worth approx. $5,930), indicating heightened
interest from retail investors as well as large investors, commonly
referred to as “whales” in the crypto community. On-chain analytic
firm Santiment shared via X (formerly known as Twitter), “XRP
revisited a $0.60 market value for the first time since its tumble
back on August 16th. Along this road back, we have seen whales get
gradually more involved. Additionally, there are now an alltime
high 277.62K wallets holding at least 10,000 XRP.” Santiment
presented the below chart and stated that the ledger has shown a
noticeable increase in the number of wallets holding 10,000 coins
or more, with the current number exceeding 277.6K. Moreover, there
has been a significant uptick in the volume of whale transactions,
with those exceeding $1 million in value spiking to a 3-month high.
To be precise, October 31, 2023, saw a total of 255 such high-value
transactions. Related Reading: XRP Price Confirms Breakout Above
Multi-Month Resistance: Next Targets The data by Santiment provides
a clear visual representation of the increasing trend in XRP’s
price, which is further underscored by the corresponding rise in
large transactions and whale wallet count. With an evident increase
in the activity of both ‘sharks’ and ‘whales’, the market seems to
be attracting significant attention from big players. Remarkably,
the most popular whale tracker on X has reported quite a few whale
transactions in the last 24 hours. First of all, as usual for the
1st of the month, Ripple has released 1 billion XRP from the escrow
account. Whale Alert reported 3 transactions of 500 million, 400
million and 100 million XRP. Related Reading: XRP Price Prediction
– A Strengthening Case For Rally Above $0.62 In addition, there
were also other interesting transactions. Thus, Ripple transferred
50 million XRP (about $29.87 million) to an unknown wallet. 24.9
million tokens (about $14.9 million) were transferred from an
unknown wallet to Bitstamp. Moreover, 30 million XRP (about $17.2
million) were transferred from Bybit to an unknown wallet. Smart
Money Is Buying XRP Analyst Jaydee has turned his focus to the
XRP/BTC chart, suggesting that discerning investors find more than
just price ticks and candlesticks. He noted, “I’m paying more
attention to the XRP/BTC chart. Smart money is respecting the
multi-year trendline.” The multi-year trendline in the 1-week
chart, accentuated by four touchpoints, has acted as a crucial
support for the altcoin when paired against BTC. Every touch on
this line has resulted in a significant price surge, emphasizing
its role as a robust line of defense against bearish pressures. The
chart further showcases dramatic price increases. At one point, a
bullish rally catapulted the price by a staggering 415%. This
wasn’t an isolated incident. Subsequent surges of 230%, 101%, and
60% followed, painting a picture of resilience and bullish momentum
for the cryptocurrency against its Bitcoin counterpart. Yesterday,
Jaydee drew attention to the recent bounce on the chart. He
elaborated, “Look at that bounce on XRP/BTC chart! Looks like SMART
MONEY are buying now while DUMB MONEY were buying the lawsuit
narratives.” At press time, XRP traded at $0.5983. Featured image
Mike Doherty / Unsplash, chart from TradingView.com
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