What appears to be more than a simple maintenance move, this XRP reserve uptick is most likely tied to a rising demand in the altcoin’s trading on Bitpanda. Among the largest European crypto platforms, Bitpanda had 156,323 XRP coins on Monday morning, before a sudden reserve increase occurred.
As notified by XRP’s rich bot on Twitter, previously known as X, Bitpanda boosted their XRP Holdings by 797% in 60 minutes, now having 717,208 XRP tokens in place. A few months back, Bitpanda’s deputy CEO Lukas Enzersdorfer-Konrad expressed the belief that Ripple’s native coin would tackle a new all-time above $3.65 once the altcoin season settles in.
Altcoin Season Still In Play, But Bearish Obstacles Await
Labelling Ripple’s (XRP) crypto currency “highly-sensitive”, Bitpanda’s representative named regulatory narratives and the Altcoin Season Index as the two key things to watch in the near term. Per latest CoinGlass statistics, the Altseason Index dwells around 61, implying returning altcoin dominance against Bitcoin (BTC).
As the flagship crypto asset retests $108,000, XRP dwells at weekly lows of $2.74, with crypto whales still taking profits. Similarly to Spot markets, Ripple’s coin’s speculative demand is rising on Perpetuals, even though $14.8 million out of $17.74 million daily liquidations were long plays on XRP’s price.
Contrary to the great run in August, September is met with crypto bears pulling all the strings, distancing Ripple coin’s price 25% away from the all-time high scored over two months ago. Time will tell if the solidifying XRP market liquidity overshadows the broader market uncertainty, putting a brand new ATH on the horizon.
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Bitpanda, an Austrian exchange, reportedly boosted its Ripple holdings by 797% in one hour, likely due to a whale transfer or strategic accumulation. Consequently, this move has fueled market speculation, as reported by Ciphera.
The massive spike suggests a major player stockpiling the altcoin, possibly for trading or institutional custody. For instance, Bitpanda’s partnerships with banks like Deutsche Bank signal growing crypto integration, amplifying interest.
Potentially. Thus, a 797% holdings increase could spark a price rally or volatility, depending on whether the altcoin is traded or held. However, XRP’s $2.81 price and $164B market cap suggest stability unless sales occur.
The transfer’s anonymity hides the source, but it could be a whale, hedge fund, or Bitpanda itself preparing for market activity. Meanwhile, Bitpanda’s 4.5M+ user base and institutional ties add credibility to the move.
Not immediately. Although large transfers can signal volatility, XRP’s $2.9B daily trading volume absorbs shocks. Therefore, investors should monitor Bitpanda’s flows and XRP’s upcoming price action before reacting.
