Will the Price Drop Persist as XRP Whale Sells 26 Million Tokens?
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XRP Price Movement: Amid a price decline, the Ripple-backed token, gained attention with another significant whale transaction, offloading millions.
XRP, a leading cryptocurrency in global market capitalization, stirred speculation throughout the broader crypto market on Monday.
The token’s recent notable whale activity, involving a substantial 26.8 million XRP, garnered attention and sparked discussions among crypto enthusiasts worldwide, as revealed by blockchain data highlighted by the tracker Whale Alert.
Despite the Ripple-backed token’s market charts residing in negative territory today, a renowned crypto market analyst, XRP Whale, displayed optimism regarding the potential revival of the token in the near future.
Examining Today’s Whale Transaction in Detail
As per on-chain data from Whale Alert, an unidentified wallet (address: r4wf7enWPx…5XgwHh4Rzn) conducted a transfer of 26.8 million XRP to a CEX on January 22.
In relation to this transaction, the token valued at $14.75 million was sent to Bitstamp, a European exchange located in Luxembourg City.
Significantly, the precise address carried out comparable XRP transfers to Bitstamp during recent price downturns, attracting considerable interest from crypto market participants worldwide.
These transfers to Bitstamp coincided with Ripple’s recent strategic stake acquisition in the exchange, providing insight into why these transactions to Bitstamp are capturing traders’ attention.
XRP Experiences a Sharp Decline in Price
At the present moment (press time), the token has encountered a notable decrease of 2.36% over the last 24 hours. It traded at $0.5290 at the time of writing.
Additionally, its weekly chart reveals a substantial drop of 7.31%. On a monthly view, it has a 12.62% drop.
Interestingly, the whale’s substantial sell-off on the centralized exchange correlates with the current decline in prices.
There was also a substantial decline observed today in both market capitalization and trading volume.
Despite these developments, XRP Whale, a crypto market analyst, expressed a contrasting view on the downturn.
The analyst’s comment implies a favorable projection for the token backed by Ripple in the month of February.
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