Amidst a surge in XRP’s value, reaching nearly 100% in the past week, the cryptocurrency has recaptured the fourth spot in the overall crypto ranking with a market valuation of $42.5 billion. As investors closely monitor the behavior of large holders, or whales, for potential impact on the price, on-chain analytics provider Lookonchain has reported a significant move by an XRP whale.
According to Lookonchain, a notable XRP whale recently transferred 563,571 XRP tokens, valued at $462,000, from the Binance crypto exchange. This follows a total withdrawal of two million XRP tokens, worth $1.66 million, from the exchange. The whale has realized an unrealized profit of approximately $640,000, based on an average withdrawal price of $0.51.
While such moves can signal selling activity, there are other reasons why tokens may be moved from exchanges, including transferring them into cold storage for long-term holding in the hopes of further price increases.
The attention on XRP has intensified after Ripple’s recent legal victory, and the cryptocurrency has continued to gain traction in the market. Crypto research firm Kaiko has observed a rising open interest in XRP, surpassing that of Bitcoin post-Ripple v. SEC verdict. Moreover, XRP’s trading volume has surged, claiming 21% of the entire crypto volume, amounting to over $25 billion in just four days, the highest level in the past 18 months. Kaiko reported that XRP’s trading volume had increased tenfold over the previous week, reaching ten-month highs.
As the market remains focused on XRP’s performance and the behavior of significant holders, the cryptocurrency’s future trajectory continues to be a subject of interest and speculation.
