Increasing their trading activity, XRP whales have moved 40 million XRP tokens worth about $23.3 million from the crypto exchange Bybit to a secret wallet.
The significant movement among major XRP investors, who appear to be preparing for potential market changes, was first reported by Whale Alert. Whale Alert raised awareness of this movement, which unambiguously shows strategic orientation by significant Ripple holders.
Data from CryptoQuant reveals that the transfer aligns with a broader trend recently observed: the withdrawal of 71 million XRP tokens from various exchanges on September 26. These significant withdrawals may suggest that whales are lowering the supply available on exchanges, so brace for expected price swings.
XRP Whales Accumulate Tokens
Particularly, this current transaction follows another one in which Chris Larsen, the co-founder of XRP, sold off a significant quantity of Ripple, leading to further movements among other investors.
This week, a significant deal involved the movement of about 430 million Ripple tokens across various platforms, suggesting a continuous accumulation phase by major investors. Such significant withdrawals from exchanges, according to experts, could cause a constriction in supply and hence cause price increases should demand remain constant or rise.
This tactic, often used by whales, seeks to control market circumstances to their advantage by creating an environment of scarcity, driving prices up. These market moves align with a possible legal turn in the continuing Ripple case.
A former lawyer for the U.S. Securities and Exchange Commission (SEC) has made hints about a possible appeal, therefore adding more volatility to the XRP market. Ripple’s continuous regulatory fight remains a major determinant of the token’s liquidity and general pricing.
Even though whale activity has surged, XRP’s price has exhibited durability and a limited trading range. At $0.59 right now, XRP shows a meager 0.65% rise over the past 24 hours. But trading volume has surged by 15%, suggesting increased market activity that can cause more price volatility in the not too distant future.
Relatedly, the Ripple community has been fervently speculating on the token’s price potential, particularly in light of Ripple’s stablecoin, RLUSD’s imminent release.
Based on the premise that every Ripple drop would one day equal $1,000, one speculative theory flying among the community is that the price of Ripple could reach hitherto unheard-of heights, even as high as $1 million per token. Though these forecasts are only hypothetical, they capture the mounting expectation about the future of Ripple.
