An unknown wallet recently transferred an incredible amount of XRP tokens to centralized exchanges Bitstamp and Bitso.
According to the latest market data from blockchain tracker Whale Alert, a massive 50 million XRP tokens were moved, attracting the attention of investors and traders worldwide.
The unknown wallet (4wf7enWPx…5XgwHh4Rzn) initiated a series of transactions and transferred 25.4 million XRP tokens, equivalent to approximately $15.42 million, to both Bitso and Bitstamp.
Such significant transfers to centralized exchanges usually signal an impending sell-off.
While the selloff coincided with a 1.25% drop in XRP price on November 4th, it has seen a nearly 11.5% increase over the past week, reaching $0.611399.
The altcoin peaked near a local high of $0.62 on November 3rd. Over the last month, XRP has gained 17.3%, per CoinGecko, reflecting bullish sentiment among retail crypto traders.
XRP 30 day price chart | Source: CoinGecko
On-chain indicators show an increase in demand for XRP. Key to these indicators is the increase in daily active addresses, which remained consistently above the 19,500 mark from late October to November 3rd.
This increasing interest from traders is highlighted by a significant increase in trading volume, which saw a 72.84% increase from 1.51 billion to 2.60 billion between October 31st and November 3rd.
Whale transactions worth $100,000 or more saw a rapid increase in November, signaling impending volatility in the XRP price.
According to Santiment, the number of these transactions increased by 106% in November.
While such activity typically signals profit-taking, the likelihood of a correction in the XRP price seems less likely given the multitude of bullish catalysts driving the asset higher.
This steady increase is in line with Ripple Labs’ recent efforts to drive community support and an upcoming strategic partnership with the National Bank of Georgia.
Meanwhile, three wallets that may have belonged to the same person moved 6,500 BTC in the Bitcoin (BTC) market for the first time in six years.
The transferred Bitcoins are worth over $230 million at the current rate. This transaction came amid a favorable interest rate announcement from the Federal Reserve, which analysts believe helped push the price of Bitcoin to $36,000, its highest level since May 2022.
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