Crypto Whales Raid XRP, A Sign of A Bullish Ripple Coin?

Bittime - XRP was in the spotlight after a large transaction was carried out by crypto whale. A value transaction of $60.63 million (around IDR 983 billion) caught the attention of the community, giving rise to speculation whether XRP is heading into a bullish phase. 

However, before that, let's examine in more depth what actually happened. Keep reading this article!

Whale Crypto President XRP

Source: X (Whale Alert account)

In Whale Alert's latest report, as many 24 million XRP reportedly pulled from a wallet rDxJNb belonging to Upbit, South Korea's largest crypto exchange, to an unidentified wallet, r9n1JL. 

The transaction value reached almost $60.63 million (around IDR 983 billion). This move sparked speculation that big players in the market were accumulating XRP.

Read also: Impact of XRP Adoption by Bank of America (BoA) for XRP in 2025!

MInterestingly, South Korea is known as a very active center for XRP trading activity. Many local investors have become fans of the token, making the Korean market an important barometer for XRP price movements. 

With increasing interest and activity in the region, the question arises whether this whale move signals a new phase for XRP in the global market.

Will XRP Be Bullish?

XRP price reportedly rose more than 10% in just one day, making it one of the best performing assets recently. This price movement sparked optimism among investors that Ripple coin may be on a bullish path.

However, it is important to note that large withdrawals from exchanges are not always a positive thing. Some analysts believe that a move like this could be a preparation for OTC (over-the-counter) transactions or simply a redistribution of assets to safer wallets.

However, whale activity is usually an early indicator of major movements in the market. When whales start buying in large quantities, it is often followed by a price spike due to increased demand. 

So, although there is no certainty, there is a chance that this move is a bullish signal for XRP.

Read also: XRP Price Analysis is Stable Even though the Crypto Market is Crashing

FAQ About XRP

1. What is XRP?

XRP is a cryptocurrency developed by Ripple Labs to facilitate cross-border transactions with low fees and fast turnaround time.

2. Why are whales buying XRP?

Whales usually buy XRP to take advantage of potential price increases or because they believe in the coin's long-term fundamentals.

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Reference 

U.Today, XRP Bulls in Action? Korean Exchange Sees Stunning Outflows, accessed January 13, 2025.

Whale Alert, Akun X Whale Alert, accessed January 13, 2025.

Author: Y