The post XRP Whale Cashes Out $25M Despite Recent Ripple Rally appeared on BitcoinEthereumNews.com.

Whale activity in XRP raises bearish concerns despite recent price recovery and market resilience. 52M XRP transferred to CEXs suggests increased supply, but XRP defies expectations with a 2.07% price rise. Ripple’s planned RLUSD stablecoin aims to stabilize XRP transactions, fostering optimistic market sentiment. Massive XRP transfers to centralized exchanges by a prominent whale have sparked concerns among investors, despite the cryptocurrency’s recent price recovery. Over the past 24 hours, a whale has moved an enormous volume of XRP to centralized exchanges (CEXs). This move comes against the backdrop of XRP’s recent price recovery, which has led to increased scrutiny of whale behavior and its potential impact on market dynamics. Based on on-chain data, one of the most active XRP whales moved about 52 million XRP to CEXs. This large-scale transfer of tokens has historically been a bearish market indicator, often leading to increased supply and downward pressure on prices. As per Whale Alert, a platform that focuses on monitoring large crypto transactions, the whale transferred 30.04 million XRP, equivalent to $14.53 million, to Bitstamp, a Luxembourg-based digital currency trading platform. Simultaneously, 22.60 million XRP, worth $10.93 million, were moved to Bitso, a Mexican exchange. These substantial transfers have raised alarms among XRP investors, who are wary of the potential negative impact on the cryptocurrency’s price. In general, such a massive token distribution is considered bearish as it increases the circulating supply and, potentially, depresses prices. However, contrary to typical market trends, XRP is performing well today. This counterintuitive increase aligns with a recently observed recovery in the crypto market, potentially attributable to the recent announcement of the U.S. Consumer Price Index (CPI). As at press time, XRP is priced at $0.488556 and its 24-hour trading volume stands at $1273358353. The cryptocurrency has seen a 2.07% increase in the past…

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Filed under: News - @ June 14, 2024 1:16 am