XRP Whales Transfers 272 Million Worth Of XRP Coins As XRP Gains Momentum

Ripple Labs’ native token XRP continues to make waves in the cryptocurrency market as speculations aim at the two massive whale transactions done in the past 24 hours. 

The whale transactions include the transfer of about 272 million XRP tokens amounting to approximately $176 million. This has gained the attention of the broader crypto market which has been anticipating XRP price momentum to potentially reach $1.

The first transaction shows an impressive 250 million XRP transfer between unknown wallets while the second transaction involves a renowned XRP whale address, …Rzn transferring 21.80 million XRP to Bitstamp.

Interestingly, in line with the data released by Whale Alert, these XRP whale transactions seem to be increasing particularly with Bitstamp and Bitso. Although these whale transfers indicate a significant increase in on-chain activity, speculations suggest minor dips today following the massive transactions. 

XRP Shows Staggering Trading Volumes

XRP’s trading volume significantly increased by 50% within the last 24 hours. According to CoinGlass and CoinMarketCap’s report, the surge has driven the total turnover on both the spot and derivatives markets to $7.8 billion.

The derivatives market alone witnessed a notable trading volume of $3.89 billion predominantly led by Binance which contributed $2.08 billion. At the same time, the spot markets, driven by the black-and-yellow platform have witnessed trading volumes reaching $3.9 billion. 

As of this writing, XRP price is 1.46% lower, trading at $0.64 in the last 24 hours. Despite the slight dip, XRP’s 7-day data shows an increase of 15.15% and continues to bring optimism to the crypto community.

According to Egrag Crypto, a crypto analyst, XRP’s three-month candle is highly bullish, potentially making its way for its run to $1.