In a recent move, 20 million XRP tokens were transferred, sparking interest and speculation in the market. This movement comes as XRP is making a comeback following a three-day decline.
Within the last 24 hours, on-chain data revealed that a massive 20 million XRP transaction took place, moving funds from an unknown wallet to Bitstamp cryptocurrency exchange.
Whale Alert reports "20,000,000 XRP worth $47,233,851 was transferred from unknown wallet to Bitstamp."
🚨 🚨 20,000,000 #XRP (47,233,851 USD) transferred from unknown wallet to #Bitstamphttps://t.co/LoYQU27uRs
— Whale Alert (@whale_alert) December 6, 2024
While the identity and motive behind the transaction are unknown, deposits to exchanges might signal an intent to sell; whales might seek to take profit amid XRP's recent price rebound. The move could also be a bid to provide liquidity.
Within the last 24 hours, Whale Alert reports that "22,018,660 XRP worth $50,355,056 was being transferred from Binance to unknown wallet."
The price of XRP has surged significantly since November, breaking through the $1 and $2 levels before encountering resistance en route to $3. XRP closed November higher by 283%, and it is currently up 24.61% so far in December. This increase drove XRP up the crypto rankings, and it is currently the third-largest cryptocurrency, with a market valuation of $139 billion.
XRP price action
XRP fell three days in a row as traders took gains near Tuesday's $2.9 high. XRP traded as low as $2.16 on Thursday before rebounding. In Friday's session, XRP reached $2.46.
The recovery has continued into Saturday's session, with prices reaching intraday highs of $2.5; at the time of writing, XRP was up 6.14% in the last 24 hours to $2.43 and up 28% weekly.
To initiate a fresh rise, XRP must break past the historical $2.85 barrier, which halted its advance in December 2017, and then $2.9. If this happens, XRP might hit $3 or $4, reaching new all-time highs.
XRP is trading above a crucial support range between $2.09 and $2.28. Holding above this range could solidify the basis for continued upward momentum.
If the XRP price turns down and breaks below $2.09, it might suggest the start of further declines, with XRP potentially falling to $1.79.
