XRP, an eminent cryptocurrency backed by Ripple Labs, again radiated a fervor of excitement across the cryptocurrency landscape on Friday, as the token recorded significant whale transfers to CEXs. Intriguingly, as per on-chain data unveiled by a blockchain tracking platform, over 48 million XRP on the go, appears to have nabbed noteworthy attention among crypto market fanatics across the globe.

Moreover, as the data emerged amid the Ripple-backed token’s price pump, additional inferences orbiting XRP seem to have birthed. Meanwhile, a prominent crypto analyst further spotlights XRP’s current market dynamics, garnering global attention among crypto market traders.

XRP Whale Moves Coins To CEXs

According to the data facilitated by the blockchain tracking platform Whale Alert, two noteworthy whale transactions occurred today, January 12. These transactions collectively attributed to the shifting of a whopping 48.2 million XRP, stirring a whirlpool of speculations among crypto market enthusiasts across the market.

Furthermore, concerning the data, these coins were transferred to CEXs Bitstamp and Bitso by an unknown address, prevalently known for making similar transfers in recent days. Mirroring this, the unknown wallet address, r4wf7enWPx…5XgwHh4Rzn, was noted making these transfers.

Moreover, as per the data, the aforestated address moved 23.6 million XRP to Bitstamp, whereas it shifted 24.6 million XRP to Bitso. Intriguingly, this appears to come as a result of Ripple’s recent strategic stake acquisition in the above-mentioned exchanges.

Meanwhile, as the whale data surfaced through the vast sea of crypto amid XRP’s price jump, market sentiments for the token seem to be taking a thrilling twist.

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XRP Price Jumps

As of writing, the XRP price jotted down a slight bump of 0.71% over the past 24 hours and is currently trading at $0.5969. Moreover, its weekly chart showcased a spring of 3.87%.

Intriguingly, a renowned crypto analyst, Cryptoes, further cracked down on XRP’s current market dynamics, fueling speculations across the market. According to Cryptoes, the Ripple-backed token closed below the 21MA and green resistance, hinting toward a bearish trend. However, as per the analyst, the token could see a potential pullback to at least the lower support at $0.578, pushing the price to reach a floor.

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The post XRP Whale Shifts 48 Mln XRP As Price Nears $0.6 appeared first on CoinGape.

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