Ripple Rallies as Whale Transactions Surge

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Since the start of 2023, the price of Ripple (XRP) has recorded a significant increase within a short period as bullish momentum returned to the broader market. According to Coincodex data, XRP increased by about 10% over the previous week.

Additionally, Santiment, a prominent on-chain analytics provider, stated that the rise in active addresses is what is responsible for the current recovery in the value of the cryptocurrency.

On January 8, XRP registered 41,000 active addresses, according to the data provider. But throughout the following few days, the number quickly increased. Consequently, from January 12th to date, the network has recorded over 148,000 active addresses. This indicates an increase of more than 107,000 active addresses, or more than a 200% increase in less than seven days.

Whale Alert Reveals Several Heavyweight Ripple Transactions

In other related news, according to Whale Alert, a cryptocurrency analytics company, XRP whales have been making a lot of trades. Whale Alert revealed that around 193 million XRP, worth a total of over $70 million, had been traded by whales in the last 24 hours.

A whale’s purchase of 41 million tokens from the cryptocurrency exchange Bitso is one of the single largest transactions. In the present market, the tokens are worth more than $15.2 million.

Additionally, a transfer of 28 million XRP worth $10.55 million from an unidentified whale wallet was also reported by Whale Alert. There was also another transfer from an unidentified wallet of 40 million XRP valued at $15.07 million. Both of these transactions transferred money to the Bitso and Bitstamp cryptocurrency exchanges.

Source: Twitter

According to the report, whales have sent up to 88 million tokens to various crypto exchanges over the last day. Additionally, over the last 24 hours, 29.1 million XRP tokens were transferred to the Bitstamp cryptocurrency exchange.

On the other hand, over the last 24 hours, the whales bought 45.2 million XRP coins from Bitso. Using the prices on the market right now, the total value of the coins is close to $30.7 million.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.