What to Know:
- XRP saw a surge in large transaction activity, with 716 transfers exceeding $1 million each.
- Despite significant on-chain movement, XRP’s price remained stable, trading between $2.20 and $2.30.
- Traders are watching for potential price breakouts above $2.40, which could signal a continuation of this activity.
XRP has recently captured attention due to a notable increase in substantial on-chain transactions. Data reveals 716 transfers, each valued at over $1,000,000, marking a four-month high for such activity. This surge in large-value transfers suggests increased activity among high-value addresses within the XRP ecosystem.
The on-chain data indicates significant movements of funds by large wallets. However, the spot price of XRP remained relatively stable during this period. This discrepancy suggests that the transfers may be related to internal movements or institutional activities rather than direct market speculation.
Despite the considerable transfer volume, XRP’s price action remained constrained within a narrow range. The price hovered between $2.20 and $2.30 across major exchanges. This stability suggests strong resistance to price fluctuations despite the heightened on-chain activity.
The last comparable surge in XRP whale activity occurred in late summer, with fewer than 500 large transfers. The current count of 716 sets a new high for the July-November period. Traders are closely monitoring these developments for potential impacts on XRP’s price trajectory.
Looking ahead, traders are watching for a potential expansion of hourly ranges toward $2.34-$2.38. A break above $2.40, accompanied by increased whale participation, could confirm that the transfer wave is a precursor to more significant price movement.
In conclusion, the recent surge in large XRP transactions highlights notable activity within the network. While the immediate price impact has been minimal, traders are keenly observing these developments for potential future breakouts.
Source: Original article
