The XRP market has witnessed intense whale action within the last 24 hours. In just 30 minutes, over 1.5 billion XRP exited one of South Korea’s largest exchanges, Bithumb. This huge withdrawal by XRP whales has drawn the attention of market participants, with many raising speculations on the impact on XRP price.
The Bithumb XRP Transfer Trend and Possible Meaning?
According to reports from Whale Alerts, the 1.5 billion XRP was transferred in three tranches. The first from Bithumb sent to an unknown address amounted to 586 million XRP, valued at about $296.95 million. The initial transfer occurred at a new address, “rPyCQ,” created only yesterday. XRP price impact hasn’t reflected yet though.
In a subsequent transaction, 600,000,096 XRP, valued at about $304 million, was transferred from Bithumb to an unknown wallet. The last two transfers were approximately 200 million XRP each. Note that all four transactions were made into newly created wallets.
Crypto market participants often believe such huge withdrawals from well-known platforms to unidentified addresses are a sign of hope for the cryptocurrency. Many think a large player purchased tokens and saved them in a wallet. This is usually bullish, as the investor could see huge profits when prices increase.
However, there is likely no mystery behind the XRP transfers from Bithumb, just as there are no mysterious great whales. The XRP wallet account, which keeps track of large crypto transactions, claims that these are internal Bithumb wallet transfers. In the meantime, the new addresses might serve as a new custodial wallet for the 1.586 billion XRP.
XRP and Historical Whale Action- Ripple Escrow, Market Impact
XRP Whale activities have increased in the past few months. On October 10, large XRP holders transferred 81.56 million XRP to different exchanges. This transfer comes amid Ripple’s legal struggles and the expectation of the RLUSD stablecoin.
In a recent transaction, Whale Alert reported the transfer of 104 million XRP from an unknown wallet to a newly created wallet. The whale’s entry into the market is pivotal for Ripple and the broader XRP ecosystem.
Ripple recently unlocked 1 billion XRP for November. The unlock occurs every month under Ripple’s scheduled XRP payout. Ripple often returns a considerable portion of these tokens to the escrow.
Approximately 200 million XRP are for operational purposes. The market monitors this event closely since it can affect the price of XRP.
XRP Price: Will This Fuel Rebound?
Since the start of October, XRP price has fluctuated between $0.487 and $0.566, suggesting consolidation. At the time of writing, XRP was trading at $0.5135, up 0.7% over the previous day. Although XRP is still below $0.53, bears have failed to pull the price down to the $0.46 support.
This indicates that selling slows at lower levels. However, buyers will again attempt to push the price above the moving averages. Meanwhile, the daily trading volume increased by 19.4% to $1.01 billion, indicating investors’ renewed interest.
If this trend continues and XRP breaks above key resistance levels, the price can recover and ignite a major rally.
