Ripple And Whales Move 200 Mln XRP Amid Price Slump

Ripple And Whales Move 200 Mln XRP Amid Price Slump

The XRP cryptocurrency has once again drawn attention in the crypto market as significant amounts of coins were reshuffled by whales in the past twenty-four hours. Three notable whale movements involving XRP tokens, transferred to both centralized exchanges (CEX) and unknown wallets, garnered substantial attention in the broader crypto community. Concurrently, the XRP price experienced a marginal decline.

XRP Whale Transactions: A Detailed Report

According to data from Whale Alert, a blockchain tracking platform, three substantial whale movements related to XRP occurred within the last twenty-four hours. In the first transaction, 90 million XRP were transferred from Ripple, a payment network and currency exchange, to an unknown wallet, rJqiMb94hy…W8AzELa8nE. The transferred tokens were valued at $55.24 million.

In another significant movement, 85 million XRP were transferred from an unknown wallet, rJqiMb94hy…W8AzELa8nE, to another unknown wallet, rP4X2hTa7A…7XZ63sKxv3, with an estimated value of $51.99 million. Additionally, a noteworthy whale transferred 25.50 million XRP from an unknown wallet, r4wf7enWPx…5XgwHh4Rzn, to Bitstamp, a cryptocurrency exchange based in Luxembourg. This wallet has been observed dumping substantial amounts of XRP to centralized exchanges, sparking curiosity among traders. As of November 21, the value of tokens transferred to Bitstamp was a significant $15.63 million.

The continuous movement of XRP between exchanges and wallets has generated excitement and speculation about the coin’s tokenomics within the broader crypto markets.

XRP Price Slumps Amid Whale Activity

At the time of writing, the XRP price experienced a marginal decline of 1.46%, reaching $0.6098 over the past twenty-four hours. Additionally, the token saw a notable decrease of 8.13% over the past seven days.

As whale activity around XRP continues, data suggests a potential shift in the token’s market dynamics. A leading crypto analyst, Dark Defender, has recently provided insights indicating that the cryptocurrency might be poised for an upcoming rebound

Frequently Asked Questions (FAQs):

1. What is XRP and how does it differ from other cryptocurrencies?

XRP is a cryptocurrency associated with Ripple, designed for fast and cost-effective international money transfers. Its consensus mechanism and use case set it apart from other cryptocurrencies like Bitcoin.

2. Why are whale transactions significant in the cryptocurrency market?

Whale transactions involve large amounts of cryptocurrency, and their movements can impact market dynamics, leading to speculation about potential price shifts.

3. What is the significance of XRP being transferred to centralized exchanges like Bitstamp?

Transfers to centralized exchanges may indicate intentions to sell or trade XRP. Such movements can influence liquidity and market sentiment.

4. Why does XRP’s price experience fluctuations amid whale activity?

Whale transactions, especially when involving substantial amounts, can lead to increased volatility as traders and investors react to potential market shifts.

5. What insights do analysts provide regarding XRP’s market outlook amid recent whale activity?

Analysts, such as Dark Defender, may offer perspectives on the potential direction of XRP’s price based on market trends and whale activity, contributing to discussions about the coin’s future.

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About Victor Dsouza

Victor Dsouza is Crypto Journalist. He is keen to write about crypto tokens, crypto presale, you can follow him on twitter and LinkedIn.

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