Whale Moves Over 50 Mln XRP As Price Continues To Rally
The Ripple-backed cryptocurrency, XRP, seems to be gaining momentum as a whale transferred massive amounts of XRP to centralized exchanges on November 24. This transfer of tokens to exchanges garnered attention as XRP simultaneously witnessed significant gains.
The increase in XRP whale activity over the past few days, along with the surge in price, has sparked speculation within the broader markets. The Ripple community is also making advancements, resulting in the surge of XRP.
According to data from Whale Alert, an unknown wallet transferred a whopping 25.20 million XRP to Bitstamp, a cryptocurrency exchange. Another significant transfer of 25 million XRP was made to CEX Bitso by the same wallet.
As reported earlier, the same wallet address has been observed transferring hundreds of millions of XRP to exchanges to date.
The XRP price noted a marginal surge of 1.79%, evaluating to $0.6205 today. According to a leading crypto analyst, Dark Defender, the XRP tokenomics illustrates a possible upturn and is expected to reach the $1.05 mark soon.
The price surge seems to align with Ripple Lab’s recent collaboration with Uphold, a platform for holding and exchanging digital assets. Uphold plans to function as one of Ripple’s liquidity providers and aims to handle an annual transactional volume of 5 billion.
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