Ripple’s native token XRP has gathered the attention of traders and investors this week as it witnesses a spike in whale accumulation. XRP has given tough competition to leading crypto coins Bitcoin and Ethereum in transactions. Yesterday, XRP saw a whale move of 270 million XRP to unknown wallets and exchanges.
XRP whale accumulation spikes
Several factors are pushing Ripple’s token XRP price upward, and whale movements in the XRP network are one of them. According to data by Whale Alert, 270 million XRP tokens or approx $130 million have been moved to exchanges and unknown addresses in the last 24 hours.
These transactions include Ripple’s partners, Bitso and Bitstamp exchanges. Over 85 million XRP tokens ($43 million) were transferred to Bitstamp exchange from an unknown wallet. And another 40 million XRP tokens ($20 million) were sent to Bitso exchange from an unknown wallet. Meanwhile, there was a huge transaction of 132 million XRP ($62.1 million) between two anonymous wallets.
What lies ahead for XRP?
The whale movements in the XRP network have spiked after the SEC vs Ripple lawsuit. These massive movements have pushed XRP’s price over 65% this month. According to CoinMaketCap, XRP is currently trading near $0.5 with a market cap of $24 billion.
XRP’s price jumped over 49% since last week, making a good sign after the recent crypto winter. XRP addresses holding 1-10 million tokens have significantly increased this year. XRP recently had a breakout at $0.45, and it is continuously moving to the north. The 20-and-100-day EMAs indicate a bullish momentum ahead, which may soon take XRP to $0.6 ranges. The RSI level spikes and trades near the overbought territory, revealing a minor price correction ahead.