XRP, currently the fourth-largest cryptocurrency, has been on a bit of a rollercoaster this past week. We’ve seen its price take a tumble, sliding from $2.62 down to $2.09, as the crypto markets continue to experience their usual ups and downs. This price dip has understandably got some market watchers wondering about a potential sell-off.

Massive XRP Transfer of 167 Million Sparks Speculation

It seems the big XRP players, often called whales, are taking advantage of these lower prices. Data from  Whale Alert, the popular crypto tracking platform, shows a significant transfer: a whopping 167,075,744 XRP, worth around $367.69 million, was moved by a major holder recently.

This massive amount of XRP was sent from one unknown crypto wallet to another private wallet. Because these wallets are anonymous, it’s still unclear what this whale is planning, leaving market watchers to guess the motive behind the move.

This big transaction has, naturally, ignited speculation across the XRP community. Is this the work of a large institution making moves, or perhaps a private over-the-counter (OTC) deal?

Market analysts are keeping a close eye on the receiving wallet. If those millions of XRP end up being sent to a crypto exchange, it could be a signal that this whale is planning a large sell-off. However, if the coins stay put in the private wallet, it could mean the opposite: the whale might be strategically buying the dip, expecting the price to go up later.

This latter scenario – whales accumulating – could suggest that these big investors believe in XRP’s future and are positioning themselves for a potential price surge.

Can XRP Bounce Back to $3?

Right now, XRP is trading at around $2.09, down about 4.86% over the last day, according to CoinMarketCap. Earlier today, it had actually climbed to $2.25, but then lost momentum and dipped again, struggling to hold above the $2.20 mark.

Interestingly, this price drop is happening even as more investors seem to be getting interested in XRP. Trading volume has shot up by a massive 98.18%, reaching $7.8 billion in the same 24-hour period.

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Market watchers believe this surge in activity and volume might be directly linked to the large whale transfer, as big moves by these holders often attract attention and stir up interest among the wider XRP investor base.

Looking ahead, if all this activity translates into positive momentum, many in the market are hoping XRP could climb back to the $2.60 range, and maybe even have another go at reaching $3. That would be a welcome rebound after its recent struggles to recover.