XRP Whale Makes Massive Transfer Amidst Price Volatility
05 January 2024 - 11:00PM
NEWSBTC
In light of recent developments in the crypto market, XRP has once
again garnered the attention of investors and the community as the
crypto asset has witnessed yet another massive whale activity. XRP
Whales Moves Over 50 Million Token To CEXs A recent report revealed
that an XRP whale recently moved over 50 million tokens to
cryptocurrency exchanges. On-chain data shows that the whale has
been making this kind of transaction over the past few weeks.
Related Reading: XRP Whales Show Exchange Inflow Activity, Bad Sign
For Price? Interestingly, these whale transactions have created a
whirlwind of speculation among worldwide crypto market enthusiasts
after they surfaced during the token’s price decline.
According to data from the on-chain tracker Whale Alert, the whale
transferred 50.7 million tokens to centralized exchanges (CEX).
Whale Alert has revealed that the aforementioned funds were
transferred to CEXs in two separate transactions. The whale
transactions occurred amidst the token’s downward movement raising
speculation on its effect on XRP’s price. The on-chain tracker
reported that the first transaction saw a whopping 26 million XRP
tokens valued at approximately $15.22 million. Data shows that the
unknown address identified as r4wf7enWPx…5XgwHh4Rzn moved the
tokens to the Mexican-based crypto exchange Bitso. Meanwhile, the
second transaction moved 24.7 million XRP tokens valued at about
$14.68 as of the time the transfer was made. The same wallet
address mentioned above had transferred the funds to another crypto
exchange Bitstamp. It is noteworthy that the aforestated wallet
address has been orchestrating this kind of transaction to the CEXs
for a while now. Last week, Whale Alert detected the wallet address
transferring over 48 million XRP tokens to Bitstamp and Bitso. In
less than two weeks, the wallet address has moved over 138 million
tokens to the cryptocurrency platforms. With the current price of
the digital asset, this is valued at over $79 million. The Crypto
Asset Poised For A Significant Upswing On Wednesday, the entire
crypto market experienced a notable disruption which saw XRP
falling close to its October lows of $0.50. Despite the significant
price drop, cryptocurrency analyst Egrag Crypto has expressed
bullish sentiments about the crypto asset. Related Reading: Crypto
Analyst Blasts $20,000 XRP Price Target, Reveals Why It’s
Impossible Egrag has recently shared bold predictions for the asset
on the X (formerly Twitter) platform. The crypto analyst pointed
out that the token’s price is currently getting ready for an
upswing. He noted an August scenario where XRP reached the lower
boundary of its channel during the 1 billion liquidation across
crypto. “Now, after five months, it is going back to that zone with
another aggressive 1 billion liquidation,” he stated. He
highlighted that the asset’s bulls have been steadfast in
“defending this channel,” not allowing anything to stop them from
“buying into the dip.” He asserted that the bulls have maintained
the price above the “Val Hell Line,” preventing a “daily candle”
close below it. So far, Egrag has pointed out “a slight retest”
around the $0.55 appears to be “pretty standard” market behavior.
Featured image from Shutterstock, chart from Tradingview.com
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