Have you noticed the recent ripple in the crypto market? The XRP price jumps 20% weekly, leaving crypto enthusiasts and investors alike intrigued. Let’s dive into the specifics of this dramatic upswing.
Unraveling the XRP Price Surge
XRP, the fifth-largest cryptocurrency, has been exhibiting a stable and impressive rise since November 1. This upward trend reached its zenith on November 6, when the price hit $0.7234. This surge in the XRP price mirrors the upward trajectory of Bitcoin, the flagship cryptocurrency. Bitcoin came tantalizingly close to the $40,000 mark before retreating by nearly 5%, settling back into the $34,100 zone.
However, the XRP price jumps 20% weekly, even though it has lost a little over 5% since reaching its recent peak. Despite this minor setback, the overall rise of XRP over the week remains at a robust 20.87%.
Whale Alert: Large XRP Transactions
The noteworthy rise in XRP price coincides with a flurry of large transactions involving the cryptocurrency. Whale Alert, a blockchain tracker, reported a significant transaction of XRP tokens from the major crypto trading platform, Upbit. In addition to this, wallets marked as “unknown” transferred almost 40 million XRP to two other significant crypto exchanges.
One anonymous whale made a noteworthy move during this price surge. They purchased a total of 21 million XRP on Upbit and promptly withdrew it to a cold wallet. This move aligns with the general advice of crypto influencers who caution against storing crypto on exchanges and their hot blockchain addresses. The value of the XRP bought by this anonymous whale is a staggering $14,601,114.
Large XRP Deposits to Bitstamp and Bitso
Whale Alert also highlighted two substantial transfers of XRP to the Bitstamp and Bitso exchanges. These transfers involved 22.5 million and 16.3 million XRP, respectively, equivalent to $15,380,952 and $11,163,103.
Over the past few months, similar deposits of XRP to Bitstamp and Bitso have been observed. Analysis by Bithomp revealed that these deposits originated from a wallet associated with Ripple Labs, the fintech giant behind XRP. Both Bitstamp and Bitso are partners of Ripple, working with its Ripple Payments product, which uses XRP for low-cost, fast transnational payments via RippleNet.
To keep track of such intriguing crypto trends and transactions, consider utilizing tools like cryptoview.io. It provides an effective way to monitor and analyze crypto market trends and transactions in real-time.
