While an Analyst Forecasts an Imminent Rebound, a Whale Buys Millions of Dollars’ Worth of XRP

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Last Updated on November 18, 2023 by Bitfinsider

Crypto market enthusiasts’ attention has been called to a big whale transaction circling the cryptocurrency XRP, despite the recent positive developments made by the Ripple community inside the crypto ecosystem. Huge quantities of XRP were moved by a whale as of today, November 18, from a controlled exchange to an unidentified wallet. After the whale movement, the price of XRP somewhat dropped.

A company called Whale Alert that tracks whale transactions released information on the transfer and attracted a lot of attention from the larger crypto marketplaces, indicating a notable change in the value of XRP.

An unexpected 16.60 million XRP were moved today from an unknown Bitso address, rLSn6Z3T8u…Fdn5CyGujK, to an unknown wallet, rHBXf41ccu…9EtsJ5aLm1, according to data made public by Whale Alert. As of this writing, Bitso has moved $10.08 million worth of XRP to the unidentified wallet.

The transaction noted earlier, in which tokens were removed from Bitso and moved to an unidentified wallet, illustrates a reduction in supply, which drives up XRP’s price and demand.

However, the price of XRP disproved the opinions of the market. Interestingly, a crypto expert added complexity to our comprehension of these transactions by providing an alternative viewpoint on this trend.

Ali Martinez, a prominent bitcoin expert, had a unique viewpoint on this incident. Martinez noted that XRP had dropped 18% in the previous ten days and that, in contrast to the current circumstances, there had been a notable increase in whale transactions and assets.

The analyst hypothesized that the increased attention from significant parties would portend an imminent increase in the price of XRP.

As of this writing, the price of XRP had decreased somewhat by 3.62% to $0.5991. In addition, even with all of the whale activity surrounding the XRP coin, the weekly price dropped by a significant 3.81%.

Nonetheless, the price has risen a staggering 22.41% in the last month, presumably as a result of Ripple’s partial legal triumph over the US SEC.

How to buy or trade XRP on ProEX

You can buy or trade XRP on ProEX. As ProEX frequently holds campaigns and events, you should check out its event page here to see if you can participate and win rewards as you trade.

On ProEX, you can trade XRP as a spot pair (XRP/USDT) in 3 simple steps:

  1. Sign up and register an account on ProEX 
  2. Buy USDT via ProEX One-click Buy 
  3. Trade XRP/USDT at ProEX Spot

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.