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The Ripple-backed cryptocurrency, XRP, appears to be gaining significant momentum in the world of <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrencies</a> as a whale again transferred massive amounts of XRP to centralized exchanges as of today, November 24.
The transfer of tokens to exchanges amassed noteworthy attention among crypto market enthusiasts as the XRP cryptocurrency simultaneously witnessed significant gains.
The increase in XRP whale activity over the past few days amid the price surge witnessed by the token seems to have stirred up quite the speculation within the broader markets.
<h2 id="whale-reallocates-xrp-holdings">Whale Reallocates XRP Holdings</h2>
According to the data revealed by Whale Alert, a blockchain tracking platform, an unknown wallet, r4wf7enWPx…5XgwHh4Rzn, transferred colossal amounts of XRP to two centralized exchanges, Bitstamp and Bitso.
The first transaction took place approximately 9 hours ago, where the unknown wallet <a rel="noopener noreferrer nofollow" href="https://whale-alert.io/transaction/ripple/8CF655054AA735334EB935FC8B8D4B25AB171742BF9BCB2051AA21B4140CF469" target="_blank">transferred</a> a whopping 25.20 million XRP to Bitstamp, a Luxembourg City-headquartered cryptocurrency exchange. The amount of tokens transferred to Bitstamp was evaluated to a whopping $15.66 million at the time of writing.
Furthermore, the second transaction that noted significant attention from traders and investors <a rel="noopener noreferrer nofollow" href="https://whale-alert.io/transaction/ripple/690CC5F12D88E9B4C92689122FFCC4853612AB4AF059A48B3A8057DC8F2386EE" target="_blank">transferred</a> 25 million XRP to CEX Bitso. Even this transfer was made by the same wallet approximately 9 hours ago. Notably, the number of tokens transferred totaled a whopping $15.55 million while writing.
As <a href="https://coingape.com/whale-transfers-over-43-mln-xrp-amid-price-surge-rally-to-continue/" target="_blank" rel="noopener noreferrer nofollow">reported</a> by CoinGape media earlier, the same wallet address was observed transferring over hundreds of millions of XRP to exchanges to date.
Also read: <a href="https://coingape.com/hong-kong-sfc-wary-of-binance-license-amid-regulatory-pressures/" target="_blank" rel="noopener noreferrer nofollow">Hong Kong SFC Wary of Binance’s License Amid Regulatory Pressures</a>
<h2 id="xrp-price-continues-to-rally">XRP Price Continues To Rally</h2>
As of writing, the <a href="https://coingape.com/price/xrp/" target="_blank" rel="noopener noreferrer nofollow">XRP price</a> once again noted a marginal surge of 1.79%, evaluating to $0.6205 today. The token gained significant traction following the increase in whale activity, portraying an upsurge in price as compared to yesterday.
According to a leading crypto analyst, Dark Defender, the XRP tokenomics illustrates a possible upturn and is expected to reach the $1.05 mark soon.
Furthermore, the price surge also seems to come in alignment with the recent announcement of Ripple Lab’s recent collaboration with Uphold, a cloud-based platform for holding and exchanging various digital assets.
In a recent interview with Digital Perspectives, the CEO of Uphold, J.P. Mcloughlin, offered valuable insights into the strategic partnership, stating that Uphold plans to function as one of Ripple’s liquidity providers. Furthermore, Mcloughlin stated that the upcoming alliance aims to handle an annual transactional volume of 5 billion, which could potentially upswing following global regulatory developments within the crypto realm.
Also read: <a href="https://coingape.com/crypto-prices-today-btc-gas-surge-while-pepe-coin-declines/" target="_blank" rel="noopener noreferrer nofollow">Crypto Prices Today: BTC, GAS Surge While Pepe Coin Declines</a>
The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/whale-moves-over-50-mln-xrp-price-continues-to-rally/">Whale Moves Over 50 Mln XRP As Price Continues To Rally</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.

Whale Moves Over 50 Mln XRP As Price Continues To Rally

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