167,075,744 XRP in Minutes, Are Whales Back?

XRP, the fourth-ranked crypto asset, has been experiencing price fluctuations for the last seven days. Notably, XRP’s price has plummeted from $2.62 to a low of $2.09 as market volatility continues. Amid this trend, a sell-off scare remains on the market.

167 million XRP transfer triggers speculation

Per the latest outlook, XRP whales have decided to leverage the dip in price to trade the coin actively. According to Whale Alert, an on-chain crypto analytics platform, one large holder recently transferred 167,075,744 XRP valued at $367.69 million.

Related

The transfer was initiated from an unknown wallet to another anonymous wallet. This move between private wallets has not helped clarify the whale’s intentions to observers.

However, the transfer has sparked speculation about whether it was institutional movement or a potential over-the-counter trade.

Market analysts say if the receiving wallet moves the millions of XRP to an exchange, it could signal a sell-off. On the other hand, if it remains in a private wallet, the whale could have decided to accumulate the coin strategically.

Such a development could mean that XRP whales are back and in accumulation mode, preempting a future price rise.

Will XRP rebound to $3?

As of this writing, the XRP price was changing hands for $2.09, a 4.86% decline in the last 24 hours, according to CoinMarketCap data. In earlier trading, XRP had risen to $2.25 before crashing. It recorded this price level after failing to find support at $2.20.

This development occurred despite increasing investor interest in the coin. XRP trading volume recorded a 98.18% spike to $7.8 billion within this same time frame.

Related

Analysts speculate that the whale activity sparked interest in the XRP community as investors generally monitor large holders.

If these developments lead to positive price action, market participants anticipate XRP climbing to the $2.60 level, or possibly retesting the $3 mark. That would mean a successful boost for the coin after an initial failed recovery for the asset.