Cryptocurrency analyst Ben Armstrong (@BenArmstrongsX) highlighted some large XRP token movements across exchanges and wallets this past week. With over 67 million XRP worth $39 million shifting around, Armstrong suggests these “massive whale movements” could foreshadow a coming breakout for the price of the token created by Ripple Labs.
Big Moves Between Exchanges
As Armstrong outlines in a Twitter thread, the biggest movers of XRP over the past few days facilitated transfers between cryptocurrency exchanges. Around 25.8 million XRP – worth over $15 million – was sent to the Bitstamp exchange from an unknown wallet. Additionally, 19.8 million XRP was transferred to the exchange Bitso from that same sending address.
While exchange inflows don’t necessarily signify upcoming selling pressure, large movements like these between wallets and platforms warrant monitoring. Especially considering XRP’s long legal battle with the SEC, transactions of this size could mean investors are positioning for a move.
More Large Transfers
Beyond the big exchange transfers, Armstrong points out another 22 million XRP was moved from Upbit exchange to an unknown wallet. Unlike exchange inflows which can be concerning, exchange outflows typically signal holders moving assets into secure storage rather than positioning to sell.
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Show more +So between the mixed exchange flows and private wallet activity, there’s clearly some big money making moves in the XRP ecosystem recently. And these types of transfers often precede or coincide with accelerating price movement.
“Such high-value transfers are always a point of interest in the #cryptocurrency space,” notes Armstrong.
Bullish Sentiment Building
Importantly, this uptick in XRP whale movements has unfolded alongside improving price action and sentiment around the token. After consolidating under $0.53 for most of last year, XRP has sprinted above $0.58 this month. Trading volumes are up 45% in tandem, signaling momentum is building.
Given these dynamics, Armstrong ends his analysis expressing optimism that Ripple’s darling asset looks poised for a larger move. Analyst commentary and forecasts support this view as well, with many key figures turning bullish on XRP’s near-term outlook.
So while the motives behind the massive token shuffling remain unclear, Armstrong interprets it as whales positioning for an imminent XRP price breakout. Between the technicals, on-chain activity, and sentiment, momentum has shifted favorably for the controversial token to potentially start its next sustained uptrend.
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