Notable crypto analyst Ali (@ali_charts) anticipates a potential recovery in XRP prices due to heightened whale activities and positive changes in market sentiment. The analyst pointed out that the increased attention from significant players could indicate a potential recovery in the XRP price.
Although XRP has been on a decline for days, the analyst points to a “notable uptick” in whale transactions within the XRP ecosystem.
Read Also: Binance, Ripple and XRP Whales Jointly Move 364 Million XRP in 24 Hours
Crypto whales are individuals or entities holding large amounts of cryptocurrency. Their substantial holdings allow them to influence market trends by buying or selling large quantities, causing price fluctuations. Whales can trigger market rallies or crashes, affecting smaller investors.
Their moves are closely monitored as they provide insights into potential market shifts. Whales’ impact on liquidity and volatility can lead to opportunities and risks for other participants. Monitoring whale activity is crucial for understanding market dynamics and making informed investment decisions.
While the XRP community has recently had some positive developments, the focus of crypto market enthusiasts has shifted to a significant whale transaction. Whale Alert (@whale_alert), a platform dedicated to tracking crypto whale transactions, disclosed two transfers that have drawn attention in the crypto market.
The first transaction, from November 16, saw the transfer of 26.2 million XRP ($16.1 million) from an unknown wallet to Bitso, a Mexico-based centralized exchange. The second transaction from November 17 saw 16.6 million XRP ($10.08 million) moved from Bitso to an unknown wallet.
Read Also: XRP Whales Have Moved Over 1.6 Billion Coins in the Last 24 Hours
Whales are a normal part of the crypto industry. These massive token holders often move their money around, hiding behind the anonymity provided by the blockchain. Also, whale movements within the XRP community often trigger rumors of selloffs by Ripple but don’t usually affect the price.
The most recent series of transactions happened over the weekend, with transactions adding up to 445.5 million XRP ($296 million). These transfers could also be XRP movements to and from Ripple ODL partners, of which Bitso is one. However, none of these wallets have been confirmed to be Ripple-affiliated. The most recently confirmed transaction of this type happened just a few days ago.
Ali sees the increased whale activity as advantageous for XRP. He states, “This growing interest from major players could be a precursor to a #XRP price rebound.” XRP is trading at $0.6057, down 1.18% in 24 hours, and still in the corrective phase after the recent fake BlackRock XRP ETF filing.
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