XRP which is one of the top 5 cryptocurrencies based on market cap raised a lot of dust within the crypto community on Thursday. The popularity was fuelled by prominent whale transactions as the value of the coin increased, resulting into intense speculations within the crypto sector.
Spotlight on XRP’s Whale Movements
When Ripple’s XRP showed a rise trend in its prices, one renowned cryptocurrency analyst had something to say about the market trend of it. Two large XRP whale transactions tracked by Whale Alert was reported as the leading news item. A mysterious purse did the heavy lifting for itself by moving 42.8 million worth of ripple onto the ramps of two cex’s, including bistamp and bitso. For instance, 24.6 million XRP was transferred to Bitstamps and 18.2 million went to Bitso respectively.
The transfers that were made totaling at $15.28 to Bitstamp and $11.30 to Bitso grabbed attention because they ensued after Ripple Labs made the announcement of its partnership with these CEX’s. It is worth noting that the whale’s activities occurred during a single day in connection with an upward trend of XRP.
Analyzing XRP’s Market Dynamics
There was heated debate over the recent transactions in the crypto community, especially when XRP crossed the 0.62 threshold. At the time of writing, XRP had recorded a modest increase of 2.87%, selling at $0.6245. With an improvement slightly from its latest low of $0.5989 USD, XRP’s price action deserves some space in the wider crypto sphere.
It can be noted that the market cap of XRP grew by about 2.89% along with its price rise. While so, a prominent crypto analyst, Cryptoes indicated the marginality of this upswing. He noted that the closing value for XRP was just about the 21MA and called it into question whether it had any significant meaning. He also pointed out that the market effect of XRP is still little, although there were some upward movements of Ripple lately and the token currently going up.