After a recent dip to $0.49, Ripple [XRP] has soared to $1.26, marking a 157.33% increase and indicating a strong upward trend for XRP.
Currently, the altcoin is up by 98.50% on a monthly basis, trading at $1.09.
Analysts are attributing this surge to various factors, with increased whale activity being one of the standout reasons.
Significant Whale Transactions of $233 Million
Amidst the positive market sentiment and price surge, whales have been particularly active. In the past week, whale transactions have notably increased to 1143.
Over the last 24 hours, two whales made substantial transfers, according to Whale Alert.
These transactions involved 210,930,712 XRP tokens worth $233.76 million.
One transfer saw 110,930,712 tokens worth $123.59 million moved from Binance to an undisclosed wallet.
The other transfer moved 100 million tokens valued at $110.17 million between two unidentified wallets.
Whales moving tokens to unknown wallets often indicates a shift from exchanges to private wallets or cold storage, suggesting a long-term investment strategy.
Impact on XRP Price Trends?
While these transactions do not involve selling, XRP saw a 2.69% drop in daily charts.
Despite this minor decline, XRP remains bullish, with the dip likely a temporary correction before another uptrend.
Whale-to-exchange flow data for XRP shows optimism, with a decrease from 13,781 to 703, suggesting whales are holding onto their tokens in private wallets.
This behavior is bullish, indicating whales are accumulating XRP in anticipation of future price increases.
Furthermore, XRP’s On-Balance Volume has jumped from 5.8 billion to 6.01 billion, signaling increased buying pressure and accumulation by investors.
This suggests that the recent price surge is well-supported by trading volume, enhancing the prospects of sustainability.
Whale transactions reveal strong confidence in the market as whales position themselves strategically, indicating positive sentiment and investor confidence towards XRP.
This favorable outlook could drive XRP to revisit its recent peak at $1.26, with potential resistance at $1.34 in case of a breakout.