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In a series of three large transactions, whales transferred over 1.6 billion XRP—valued at $814 million—to unknown wallets. These moves, signaling potential accumulation by high-net-worth investors, coincide with growing market interest in the outcome of Ripple's legal case with the SEC as XRP prices rebound.
Whale Transfers Signal Potential Accumulation
According to Whale Alert, there were three distinct transactions involving the transfers; the biggest of them moved 586.09 million XRP, or approximately $296.95 million, to a wallet that had just been created. The following transfers, totaling $202.76 million and $314 million, were also transferred to addresses that had just been activated.
Some investors have taken the fact that the destination wallets aren't linked to any well-known cryptocurrency exchanges as evidence that wealthy individuals or institutions are amassing cryptocurrencies.
Analysts Interpret Moves as a Bullish Signal
Experts in the cryptocurrency market generally see significant deposits into anonymous wallets as a positive sign. Major holders, often referred to as "whales," may be transferring their assets to safekeeping, which usually indicates a strategy for long-term holding rather than selling pressure.
Analysts have conjectured that the deals might be internal, while market participants have hypothesized about hidden purchasers. These changes might be part of Bithumb's internal auditing, according to XRPwallets, an account that tracks big XRP transactions, Coingape shares.
Past Transfers by Bithumb Stir Market Speculation
Similar transfers have been executed by the South Korean exchange in the past, typically with the purpose of reorganizing liquidity across various wallets.
The volume of the transfers, however, has continued to pique investors' attention, especially as the price of XRP surged to a new intraday high of $0.52. Even if the real motivation for the transfers is to improve operations, some experts think the impression of whale accumulation can generate short-term positive momentum.
Upcoming U.S. Election Adds to Market Anticipation
Market expectations surrounding the next US presidential election align with the timing of these substantial XRP transactions. Ripple Labs, the firm behind XRP, may face changes to its regulatory environment if the current government were to be replaced, according to market analysts. Consequently, XRP pricing could be positively impacted by Ripple's legal difficulties being resolved.
The continuing SEC litigation against Ripple, which has affected XRP's price performance over the past year, might be changed by a new SEC commissioner chosen under a different administration.
Institutional Demand Stays Strong Despite Uncertainty
Meanwhile, institutional demand in XRP is still high despite regulatory uncertainty, according to Ripple's third-quarter report. The fact that 21Shares, Bitwise, and Canary have all applied for XRP ETFs shows that the coin is still in demand.
Technical Patterns Point to Potential Price Gains
Optimism surrounding the token has been bolstered by technical analysts who have noticed positive patterns emerging in XRP's price charts. One analyst noticed an inverted head-and-shoulders pattern on the four-hour chart, leading some to assume that XRP could be ready for a new rise.
This pattern, together with indications that XRP is in an oversold zone at the moment, has caused some to speculate that $0.5286, $0.60, and $0.66 are possible near-term price objectives.
Analyst Eyes $1.10 as Key Level for Long-Term Momentum
A well-known cryptocurrency expert named EGRAG CRYPTO also called $1.10 the "ignition stage" for XRP. He speculated that XRP would find long-term positive momentum if it were to close each week above this level.
