Investing.com | Editor Hari G
Published Nov 05, 2023 08:51AM ET
The crypto market witnessed a significant transfer of 50 million XRP tokens, equivalent to $15.42 million, to the Bitstamp and Bitso platforms from an unknown wallet, according to data from Whale Alert. This event potentially hints at a forthcoming sell-off. Despite experiencing a minor 1.25% price dip on Saturday, XRP has shown an overall 11.5% weekly increase, achieving a local peak of $0.62 on Friday and closing at $0.611399, marking a monthly gain of 17.3%.
On-chain indicators have been suggesting an increased demand for XRP. Daily active addresses have consistently remained above the 19,500 mark, trading volumes have surged by 72.84%, and the presence of about 277.62K wallets holding at least 10K XRP has been noted.
Data from Santiment reveals that transactions over $100,000 by whales have seen a significant increase in November, implying possible price volatility for XRP in the near term. Nonetheless, bullish catalysts such as Ripple Labs’ community initiatives and an upcoming partnership with the National Bank of Georgia could offset potential price corrections.
In related news, the Bitcoin market saw substantial activity as well. Three wallets moved a total of 6,500 BTC, worth approximately $230 million, for the first time in six years following a favorable Federal Reserve interest rate announcement. This movement propelled Bitcoin’s price to $36,000, its highest level since May 2022.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Written By: Investing.com
