One of the world’s leading blockchain-based payment companies Ripple Labs has been observed making large XRP transactions amid the crypto asset’s recovery from a decline earlier this week.
Ripple Transfers Massive XRP Tokens To Exchanges
According to reports from on-chain crypto tracker Whale Alert, the firm recently performed three massive transfers of XRP. The tracker took to X (formerly Twitter) to alert the crypto community about the whale transfer as each one was made.
The massive XRP transfer coincides with the cryptocurrency’s significant comeback, following nearly two days of bearish decline. The first transfer which is the biggest saw about 120,000,000 XRP moved, valued at $73,838,616 as of the time of the transfer.
The funds were transferred from one of Ripple Labs’ wallets to another – a frequent practice for the company. Since the firm activated this receiving wallet in October, several transaction inflows and outflows from other wallets have been conducted.
Following the alert, the second transaction consisting of approximately 24,600,000 XRP tokens was worth $15,099,780 when it was made. The whale transfer came from another wallet activated by Ripple.
The reports revealed that the Ripple wallet moved the aforementioned funds to the cryptocurrency exchange Bitstamp. This implies that the payment firm may be moving the tokens to sell off the digital currency.
The last whale transfer saw about 18,000,000 XRP tokens being moved from another Ripple-affiliated wallet to the crypto platform Bitso. The transfer was reportedly valued at $10,965,860 when it was detected by the on-chain tracker.
Similar to the last transfer, this one might have been made with the intention of liquidation. This is because the funds were also transferred to a crypto exchange wallet.
So far, there is no solid proof that these whale transactions have affected the price of XRP. As of the time of the transactions, the token was already gaining momentum trading at $0.609.
XRP Might Be Poised For A 1,500% Increase Against Bitcoin
Cryptocurrency analyst CryptoInsightUK has shared his recent predictions on the price of XRP. The analyst asserted that the crypto asset might experience a rise of up to 1,500% against the crypto leader Bitcoin.
He stated that this might happen if XRP manages to break and sustain the top grey box displayed in his chart. Nonetheless, he still anticipates the asset to significantly outperform Bitcoin even if that doesn’t happen.
CryptoInsightUK also highlighted another layout in which XRP moves 88% against BTC. He appeared certain of this particular prediction saying that it appears to be only a “matter of time” until it happens.
According to CoinMarketCap, XRP is currently trading at $0.618, indicating a 1.24% in the past 24 hours. Its market capitalization is equally up by 1.24% and the trading volume by 19.28%, to $33,420,211 and $1,357,157, respectively.
Featured image from iStock, chart from Tradingview.com