XRP Whale on the Move: Massive 30M Transfer Sparks Curiosity

• Whale Alert reports a 30 million XRP transfer from Upbit, sparking curiosity about future moves.
• Institutional interest in XRP surges, with Grayscale’s XRP Trust approaching an all-time high.

According to Whale Alert, a prominent blockchain tracking service, a whopping 30,000,000 XRP (worth $17,938,613) was transferred from the South Korean exchange Upbit to an unknown wallet. This huge transfer has raised eyebrows and fueled discussion about the motivations behind the move.

30,000,000 #XRP (17,938,613 USD) transferred from #Upbit to unknown wallethttps://t.co/4CTVv4MVQQ

— Whale Alert (@whale_alert) September 22, 2024

Whale Disperse XRP Across Multiple Wallets 

As of writing, the recipient wallet contains about 1.177 million XRP, valued at $700,332. What’s fascinating is that the tokens transferred from Upbit have since been allocated to a variety of other unknown wallets. More than ten wallets have been detected, with each receiving approximately 600,000 XRP.

Such distribution patterns frequently indicate purposeful maneuvers by whale investors, possibly laying the groundwork for future trading operations.

Beside that, popular crypto analyst JackTheRippler is predicting a bullish price movement for XRP. According to him, based on historic patterns, the token may be on the cusp of a significant leap, with an amazing price target of $246 in the upcoming bull run.

Source: JackTheRippler on X

Supporting this bullish prospect, as we previously reported, Ripple whales have amassed almost 380 million XRP, or more than $228 million, in the just ten days. Such aggressive accumulation by major holders is frequently interpreted as a harbinger to price surges.

Furthermore, institutional interest has increased, with significant entities such as Grayscale’s XRP Trust nearing an all-time high in XRP holdings. This increased institutional engagement is boosting market optimism because it often reflects broader confidence in the asset’s future.

On the other hand, CNF has reported on an incident involving Ripple’s CEO, Brad Garlinghouse, who publicly criticized scammers who used Ripple’s reputation.

These fraudsters were able to access the Supreme Court of India’s YouTube channel and promote a false XRP scheme, which Garlinghouse condemned, reiterating the company’s commitment to fight fraudulent activity.

Such occurrences highlight the problems that high-profile cryptocurrency initiatives confront in protecting their reputation from hostile attackers.

Meanwhile, as of writing, XRP is trading at $0.5948, up 1.86% over the last 24 hours. This minor upward momentum is once again bringing the token closer to its critical $0.60 mark, which has been a key focus for traders and investors.