XRP sees flurry of activity as whales jump on current market volatility
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In what might coincide with a strategic move by crypto whales to buy the dip, millions of XRP tokens have been moved within the last 24 hours to various unknown wallets from crypto exchanges such as Binance and Bitvavo.In two separate transactions, 24,059,884 XRP worth $12,390,804 and 26,336,059 XRP worth $13,563,030 were transferred from Binance to unknown wallets. The third transaction involved 24,118,600 XRP worth $12,461,230 being transferred from the Bitvavo exchange to an unknown wallet.
Not ruling out funds' reshuffling, the transactions could be related to whales or large holders seeking to capitalize on market trends. Keep in mind that withdrawals from cryptocurrency exchanges may indicate buying., XRP may be undervalued, with a profit ratio of 77% now. The low percentage of supply in profit, when compared to other cryptocurrencies such as Bitcoin and Ethereum, may indicate undervaluation.
The increase in whale activity may represent a belief that XRP is undervalued and that investors are taking advantage of the opportunity to accumulate coins at lower prices.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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