Whale Alert, a platform offering blockchain tracking insights, recently unveiled data showcasing massive whale activity revolving around the XRP cryptocurrency.

As per the data, a significant XRP whale was observed transferring colossal amounts of XRP to centralized exchanges in a series of transactions.

The aforestated whale activity amassed significant attention throughout the crypto realm as the XRP price recently witnessed a surge.

XRP Whale Activity: Report

As of today, November 23, an unknown wallet, r4wf7enWPx…5XgwHh4Rzn, transferred a total of 43.80 million XRP to two different CEXs, Bitstamp and Bitso.

The first transaction that caught the eyes of crypto market enthusiasts occurred approximately 9 hours ago, dumping 18.10 million XRP to Bitso, a Mexico City-based digital asset exchange. The amount of tokens transferred was evaluated to $11.02 million at the time of writing.

Furthermore, the second transaction that created a buzz within the broader crypto markets transferred 25.70 million XRP to Bitstamp, a cryptocurrency exchange headquartered in Luxembourg City, Europe. The transfer of cryptos to Bitstamp was done by the same unknown wallet, r4wf7enWPx…5XgwHh4Rzn, today. The amount of tokens transferred to Bitstamp was evaluated to be $15.66 million while writing.

The transfer of cryptocurrencies to centralized exchanges indicates a possible surge in supply, thereby reducing the demand for the token along with its price. However, on the contrary, the XRP price witnessed a surge over the past day amid increasing whale activity.

Also read: KyberSwap Faces $46 Million Crypto Hack Triggering Concerns In DeFi Space

XRP Price Evaluation

At the time of writing, the XRP price witnessed a slight jump of 2.82%, reaching $0.6075 today. However, its trading volume witnessed a substantial fall of 25.57% over the past twenty-four hours.

Interestingly, the XRP price yesterday amassed significant attention as it moved below the $0.6 mark. Nonetheless, the token portrayed notable gains within the past twenty-four hours, reviving itself within cryptocurrency markets.

Moreover, a leading crypto analyst, Dark Defender, recently stated that the token backed by Ripple Labs appears to have a positive future within markets as the price is expected to hit the $1.05 and $1.88 mark in the short run.

Also read: Crypto Prices Today: Market Rebounds With BTC, Pepe Coin, FTT Rallying

The post Whale Transfers Over 43 Mln XRP Amid Price Surge, Rally To Continue? appeared first on CoinGape.

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Filed under: News - @ November 23, 2023 7:21 am