Impact

Million

XRP has had a relatively quiet price performance over the past week. However, recent data revelation points to massive on-chain activity for the altcoin in the last seven days. Large investors appear to be taking advantage of the cryptocurrency’s sluggish performance in the previous week to increase their portfolios.&nbsp; 
<h2 id="strong-whales-buy-7-million-worth-of-tokens-impact-on-price-strong">Whales Buy $7 Million Worth Of Tokens – Impact On Price?</h2> 
Prominent crypto analyst Ali Martinez, in a<a href="https://x.com/ali_charts/status/1728517545408217420?s=20" target="_blank" rel="noopener nofollow"> post on X</a>, revealed significant whale activity in the XRP market over the past week. According to data from Santiment, these large investors purchased about 11 million tokens (worth roughly $6.82 million) in the last seven days. 
The chart below shows a significant uptick over the past week in the holdings of XRP whales, particularly those holding between 100,000 to 10 million tokens. 
<img loading="lazy" decoding="async" class="aligncenter wp-image-266455 size-large" src="https://bitcoinist.com/wp-content/uploads/2023/11/F_ztC2ZXAAACS0f.jpeg?resize=980%2C468" alt="XRP" width="980" height="468" srcset="https://bitcoinist.com/wp-content/uploads/2023/11/F_ztC2ZXAAACS0f.jpeg?w=1200 1200w, https://bitcoinist.com/wp-content/uploads/2023/11/F_ztC2ZXAAACS0f.jpeg?w=640 640w, https://bitcoinist.com/wp-content/uploads/2023/11/F_ztC2ZXAAACS0f.jpeg?w=768 768w, https://bitcoinist.com/wp-content/uploads/2023/11/F_ztC2ZXAAACS0f.jpeg?w=980 980w, https://bitcoinist.com/wp-content/uploads/2023/11/F_ztC2ZXAAACS0f.jpeg?w=750 750w, https://bitcoinist.com/wp-content/uploads/2023/11/F_ztC2ZXAAACS0f.jpeg?w=1140 1140w" sizes="(max-width: 980px) 100vw, 980px" data-recalc-dims="1"> 
This latest on-chain data suggests growing interest amongst the major holders and large investors. And given the significance of this class of XRP investors, massive buying activity could be a precursor or an indicator of a potential price rebound. 
However, recent blockchain data suggests that a <a href="https://bitcoinist.com/xrp-price-cross-10000/" target="_blank" rel="noopener ">potential price upswing</a> for the altcoin might be a little far-fetched. A particular whale transferred a substantial amount of XRP tokens to crypto exchanges in the past week. 
<blockquote class="twitter-tweet"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 25,000,000 <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#XRP</a> (15,553,036 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Bitso?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Bitso</a><a href="https://t.co/9RcI9x6ue8" rel="nofollow" target="_blank">https://t.co/9RcI9x6ue8</a> 
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1727785229211795650?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">November 23, 2023</a>
</blockquote> 
According to recent data from Whale Alert, more than 50 million tokens (worth approximately $31 million) were moved to centralized exchanges. The major holder transferred 25 million coins in one transaction to the crypto exchange Bitstamp, while 25.2 million tokens were sent to Bitso.&nbsp; 
<blockquote class="twitter-tweet"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 25,200,000 <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#XRP</a> (15,665,402 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Bitstamp?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Bitstamp</a><a href="https://t.co/whMLmIYr0w" rel="nofollow" target="_blank">https://t.co/whMLmIYr0w</a> 
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1727780837813317681?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">November 23, 2023</a>
</blockquote> 
Unsurprisingly, these transfers to centralized exchanges have triggered bearish sentiment amongst XRP investors. Historically, this type of transaction often precedes selloffs, thereby resulting in speculations about a <a href="https://bitcoinist.com/xrp-plunges-amidst-unprecedented-market-whirlwinds/" target="_blank" rel="noopener ">potential dip in the cryptocurrency’s value</a>. 
<h2 id="strong-xrp-price-overview-strong">XRP Price – Overview</h2> 
As of this writing, the XRP token is valued at $0.621711, reflecting a negligible 0.4% price increase in the past 24 hours. Similarly, the altcoin’s performance has not been particularly impressive on the weekly timeframe. According to data from CoinGecko, the <a href="https://bitcoinist.com/xrp-100-bitcoin-performance/" target="_blank" rel="noopener ">cryptocurrency’s price</a> has jumped by 1.7% in the past seven days.&nbsp; 
Nevertheless, <a href="https://bitcoinist.com/blackrock-xrp-etf-filing/" target="_blank" rel="noopener ">XRP seems to be recovering well following the ETF fiasco</a> that put downward pressure on its price. With a market capitalization of roughly $33.4 billion, the token currently ranks as the fifth-largest cryptocurrency. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/G6YcMyAd/" alt="XRP" width="2174" height="1442">

XRP Whales Purchase $7 Million Worth Of Tokens In Past Week – Bulls Taking Over?

Table of Contents

Bitcoinist

Other articles published on Nov 26, 2023

Explore Real DeFi Tokens & Their Impact on the Crypto Space

Important Step from DAO Members in the Cosmos Hub Ecosystem

Ripple (XRP) Gears Up for Price Explosion to $1; Decentraland (MANA) & InQubeta (QUBE) Eye Breakt...

ChatGPT thinks XRP will surge by 8x by the end of 2024

ECB President Christine Lagarde’s Son Got Rekt on Crypto

Assessing the state of Cosmos as its network activity dips

Join our free newsletter for daily crypto updates!