- 25,000,000 XRP on move; where from?
- XRP readies for rebound, analyst says
Major blockchain sleuth Whale Alert, which monitors large cryptocurrency transfers, has spotted a large amount of crypto moved from a top crypto trading platform, Bitstamp. Millions of XRP have been transferred in a matter of minutes.
However, one important detail has radically changed all the main points in this case: it was not Bitstamp.
25,000,000 XRP on move; where from?
The aforementioned source of on-chain data stated that a significant chunk of 25,000,000 XRP valued at $72,690,044 was withdrawn from the top Bitstamp crypto exchange to an unknown blockchain wallet.
The community decided that this transaction proved the fact that crypto whales had begun accumulating the Ripple-related cryptocurrency, sharing this opinion in the comments section.
However, data provided by XRPscan revealed that the platform from which millions of XRP were withdrawn was not Bitstamp. According to that data, it was another major exchange and an institutional crypto custodian, BitGo.
Per XRPscan, this was an internal transfer made between two wallets that belong to BitGo. Why Whale Alert mentioned Bitstamp remains unknown.
XRP readies for rebound, analyst says
According to a recent X post published by crypto analyst and trader Ali Martinez, the third-largest cryptocurrency by market capitalization value, XRP, seems to be preparing for a price rebound.
The chart shared by Martinez shows a buy signal on an hourly chart displayed by the TD Sequential indicator. It was developed by Tom DeMark to predict trend reversals using a nine-candle setup.
Currently, XRP is changing hands at $2.89 after declining by roughly 3% over the past 24 hours. Overall, since Aug. 14, XRP has been pushed down by a substantial 13.7%, falling from the local high of $3.35.