After multiple days of trading sideways, XRP is showing signs of a potential rebound again, and whales appear to be repositioning amid the broader crypto market shift.
As XRP appears to be headed for a brief price resurgence, multiple crypto transfers carrying large amounts of XRP have been spotted. According to data provided by the tracker, a total of over 334 million XRP was moved among multiple unknown wallets in just a few minutes on Friday, December 19.
The large transfers were executed in four separate transactions, with two transfers involving 79.16 million XRP each. Both transfers collectively are worth about $300 million, according to the data.
Furthermore, the remaining two transfers were also identical but larger, carrying 87,960,030 XRP each. They were worth between $166 million and $167 million, per XRP’s price at the time each transfer was executed.
Notably, all four transactions share a similar nature, as both the senders and destinations of each of the large XRP transfers were not identified, causing market watchers to wonder about the purpose of the multiple XRP transfers.
While the transactions happened consecutively, speculators suggest the moves could be a strategic institutional repositioning in anticipation of something big.
Is XRP headed for a rebound?
The mysterious nature of all four transfers makes it difficult to directly link the movements with XRP’s sudden price shift. However, with the transfers coinciding with XRP’s brief price surge, speculators have suggested that the transfers could have had a positive impact on the leading altcoin.
Nonetheless, with XRP’s slow price movements over the past few days, its sudden divergence toward a bullish trajectory suggests that a major price rebound may be near.
After sliding as low as $1.77 during its current trading session, the sharp increase has pushed its price higher, showing a decent price surge of 3.29% and trading at $1.88 as of writing time.
The resurgence in XRP’s price also appears to have been driven by strong demand from XRP ETFs. The funds pulled in over $30 million in their latest single-day inflow.
