XRP, a prominent cryptocurrency backed by Ripple Labs, once again curated a cyclone of speculations across the broader crypto market on Wednesday, following significant whale transfers noted by the token. As per on-chain data surfacing over the crypto horizon, two whale transactions collectively shifted over 63 million XRP to and fro from exchanges. This seems to have fueled crypto market enthusiasts with immense optimism orbiting XRP, as on-chain activity for the token appears to be burgeoning. However, market charts for the Ripple-backed token showcased notable declines, propelling additional inferences for the token.

Meanwhile, a renowned crypto analyst further spotlighted XRP’s current market dynamics, divulging noteworthy views amid today’s price drop.

XRP Whale Transactions: A Detailed Report

According to the data unveiled by blockchain tracking platform Whale Alert, the two transactions occurred today, January 10. Furthermore, these transactions illuminated the transfer of a whopping 63.36 million XRP, worth $36.03 million, to and fro from some well-known CEXs.

Notably, the first transaction showcased the shifting of 26.4 million XRP, worth $15.05 million, to Bitstamp, a centralized exchange. Whereas, the second transaction illustrated the transfer of 36.96 million XRP, worth $20.98 million, from MEXC to an unknown wallet.

MEXC is another leading player in the world of crypto exchanges.

Aligning with this, the unknown wallet, r4wf7enWPx…5XgwHh4Rzn, was noted making the aforestated transfer to Bitstamp, whereas the address, r3BFHL2EXZ…P9tN7tyd6W, received XRP from MEXC.

Intriguingly, these transactions amassed further scrutiny as they emerged amid Fred Rispoli’s proclamation of additional updates on the ongoing Ripple vs. SEC legal chronicle. In his statement on January 9, Rispoli, a legal expert supporting the XRP community, slated the damages investigation deadline to be February 12, 2024. This marks a significant stride encircling the ongoing legal heat between Ripple and SEC this year, following noteworthy developments in 2023.

Also Read: Bitcoin ETF Impact on the BTC Price Is Reducing Fast, Traders Deleverage

XRP Price Plunges

As of writing, the XRP price portrayed a fall of 1% over the past 24 hours and is currently trading at $0.5661. Moreover, this drop was further accompanied by a weekly plunge of 11.19%.

However, crypto market analyst Cryptoes shared sentiments orbiting XRP’s market charts in contrast, asserting that a 4H bullish is engulfing. Furthermore, he states that the diagonal resistance now is just above $0.58.

Also Read: Robert Kiyosaki Expects Bitcoin Price At $150K Soon, Bets on BTC Halving

The post XRP Whales Move 63 Mln XRP As Price Slips Back Below $0.57 appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am