A newly created XRP address has accumulated a significant amount of XRP, potentially in anticipation of a continued market rise as Bitcoin pushes above $52,000.
The cryptocurrency market has entered a bullish mode, with most coins seeing double-digit gains since the start of the year. Bitcoin has risen above $52,000 for the first time in two years and appears on course to continue its surge as the year wears on.
However, certain coins like XRP have potentially had less of a run and may be on the radar of investors. In this regard, on-chain data recently showed a new address that has accumulated 218 million XRP in less than two weeks.
The new whale address was created on January 24, 2024, and activated with just 40 XRP ($22.6). Within the next two weeks, the address received 10 XRP on two occasions in apparent test transactions. Afterward, the whale received a transfer of 15.68 million XRP ($8.8 million) on February 6.
In its most recent transaction, the address further doubled down on XRP, accumulating 203.1 million XRP (approximately $114 million). Blockchain tracker Whale Alert flagged this transaction, as it brings the recently created address under the list of XRP whales.
🚨 🚨 🚨 🚨 🚨 203,107,975 #XRP (112,206,627 USD) transferred from unknown wallet to unknown wallethttps://t.co/gTsnWnGYVb
— Whale Alert (@whale_alert) February 15, 2024
Notably, the address has not transferred a single XRP out of its accumulated holdings. Also, the wallet is not tagged as belonging to a known entity. This hints at a it being possibly owned by a high-profile investor, but this remains unconfirmed.
XRP Rises 9% in a Week
The recent recovery in the price of XRP may have caught the eye of investors who may have ignored the coin until now. Over the past week, XRP has gained 9%, including a 3% increase in the last 24 hours.
Within this timeline, XRP has risen from $0.518 to $0.58. At the time of writing, the cryptocurrency is undergoing a slight retracement to trade at around $0.565. Investors would be hopeful of a continued rise, especially as many analysts have tipped XRP to have a 2017-esque performance in the current bull market.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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