These Massive XRP Movements Suggest Ripple’s Darling Is About to Move

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.

Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!🤫

The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices!

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.

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.

CaptainAltcoin
Logo