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XRP Whale Snaps Up 1.6B Coins Ahead of Elections, Rally Imminent?

Written By 
November 5, 2024
XRP Whale Price XRP Whale Price

Ripple’s XRP price recently climbed past the $0.50 support level. This comes amid a massive XRP whale movement of nearly 1.6 billion XRP tokens from South Korea’s Bithumb exchange to unidentified wallets.

XRP Whale Accumulates Massive Stash

Valued at approximately $814 million, these XRP whale transactions were flagged by Whale Alert, a service that monitors substantial crypto transfers. The news has stirred speculation among investors, who are interpreting these movements as potential indicators of long-term accumulation.

Whale Alert data revealed that these XRP transactions occurred in three separate parts. The largest of these transactions moved approximately 586.09 million XRP, worth around $296.95 million, to a wallet that had just been created. It signals a massive accumulation ahead of the U.S. elections, making it a bullish bet.

Following this, three additional XRP whale transfers of 199.99 million XRP, 200 million XRP, 600 million XRP, collectively valued at approximately $516 million, respectively moved to newly activated addresses as well. None of these destination wallets were tied to any recognized exchange. This fueled speculation that wealthy investors, or “whales,” might be positioning for future XRP price gains by transferring large amounts to private storage.

Crypto analysts often view transfers from exchanges to unknown wallets as a bullish sign, suggesting an accumulation phase. According to analysts, these transfers may indicate that major holders are moving assets to secure storage, which typically implies an intention to hold rather than sell immediately. Such moves by whales are thought to signal confidence in XRP price’s long-term potential, as they reduce potential selling pressure on the market.

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The nature of these transactions has sparked debate within the crypto community. While some believe these transfers represent acquisition by high-net-worth individuals or institutional players, other analysts suspect they may be internal operations by Bithumb. XRPwallets, a service that tracks large XRP transactions, suggested that these transfers could be part of Bithumb’s liquidity management practices, as the exchange has a history of moving funds to different wallets for internal purposes. However, the scale of the current transfers, combined with the newly created destination wallets, has kept market speculation alive.

XRP Price Action & Ripple Lawsuit

In response to these whale movements, XRP price reached an intraday high of $0.52. Analysts speculate that the perception of whale accumulation could create short-term positive sentiment around XRP, potentially driving further price increases.

Beyond these recent whale activities, XRP’s market outlook is influenced by other developments. These include the upcoming U.S. presidential election and regulatory changes affecting Ripple Labs, the company behind XRP.

Market analysts highlight that a potential change in administration might bring new perspectives to the ongoing legal case between Ripple and the SEC which has weighed on XRP’s performance in recent years. An appointed SEC commissioner under a new administration could take a different approach to the Ripple case, potentially benefiting XRP’s regulatory status.

Ripple’s third-quarter report also points to growing institutional interest in XRP despite regulatory uncertainties. Companies like Bitwise, Canary, and 21Shares have filed for spot XRP ETFs indicating sustained institutional demand. These filings, combined with recent whale activity, underscore the ongoing interest in XRP. If approved, these ETFs could serve as a medium to bring in new institutional investment for the Ripple token.

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Also Read: Dogecoin Whale Scoops 1B Tokens, DOGE Price Jumps 14%

Kritika MehtabyKritika Mehta
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