Major whale activity roils XRP and Bitcoin markets


An unknown wallet recently transferred a surprising amount of XRP tokens to centralized exchanges Bitstamp and Bitso.

According to the latest market data disclosed by blockchain tracking agency Whale Alert, 50 million XRP tokens were transferred, attracting the attention of global investors and traders.

An unknown wallet (4wf7enWPx…5XgwHh4Rzn) initiated a series of tradetransferring 25.4 million XRP tokens (approximately $15.42 million) to Bitso and Bitstamp.

Such large amounts of funds moving to centralized exchanges often signal an imminent sell-off.

While the sell-off coincided with a 1.25% price drop for XRP on November 4, its price has increased by nearly 11.5% over the past week to $0.611399.

The altcoin reached a local high near $0.62 on November 3. Over the past month, XRP has gained 17.3% as measured by CoinGecko, showing the bullish sentiment among retail cryptocurrency traders.

Major whale activity roils XRP and Bitcoin markets - 1
XRP 30-day price chart | Source: CoinGecko

On-chain indicators show surge in demand for XRP. Key among these metrics is the growth of daily active addresses, which remained above the 19,500 mark from the end of October to November 3.

The sharp increase in trading volume highlights the growing interest of traders, with trading volume increasing from US$1.51 billion to US$2.6 billion between October 31 and November 3, an increase of 72.84%.

Whale trading worth $100,000 or more surged in November, hinting at imminent volatility in the XRP price.

according to data According to Santiment, the number of such transactions increased by 106% in November.

While such activity typically signals profit-taking, an XRP price pullback appears less likely given the numerous bullish catalysts pushing the asset higher.

This steady growth is consistent with Ripple Labs’ recent efforts to promote community support and its upcoming strategic partnership with Georgia National Bank.

Meanwhile, on the Bitcoin (BTC) market, three wallets possibly owned by the same person saw 6,500 BTC transferred for the first time in six years.

At current exchange rates, the transferred Bitcoin is worth more than $230 million.This transaction took place against the backdrop of preferential interest rates announcement Analysts believe the Fed’s move has helped Bitcoin prices climb to $36,000, the highest level since May 2022.

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