XRP, one of the most prominent cryptocurrencies by global market cap, birthed a tidal wave of speculations across the broader crypto market on Monday as the token recorded another significant whale activity recently. As per blockchain data spotlighted by the tracker Whale Alert, a whopping 26.8 million XRP on the move sparked inferences among crypto market enthusiasts globally.

Meanwhile, market charts for the Ripple-backed token continued to trade in the negative territory today, aligning with the whale’s noteworthy offloading chronicle. However, XRP Whale, a renowned crypto market analyst, appeared to remain positive on the token’s revival shortly ahead.

A Closer Look Into Today’s XRP Whale Transaction

As per on-chain data revealed by the blockchain tracker Whale Alert, an unknown wallet, r4wf7enWPx…5XgwHh4Rzn, was noted transferring 26.8 million XRP to a CEX on Monday, January 22. Concerning this, XRP worth $14.75 million was shifted to Bitstamp, an exchange in Luxembourg City, Europe.

Notably, the exact address shifted similar amounts of XRP to Bitstamp amid price dips in recent days, gaining significant traction among crypto market traders and investors globally. The transfers to Bitstamp followed Ripple’s recent strategic stake acquisition in the exchange, resonating with why such XRP transfers to Bitstamp nabs traders’ attention.

Moreover, as per numerous recent reports by CoinGape Media, the above-mentioned wallet transfers to Bitstamp appear to be positioning themselves as a recurring phenomenon, also aligning with Ripple’s stake acquisition.

Meanwhile, as the token’s price continued to plunge, the whale’s dumping chronicle curated additional inferences.

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XRP Price Plunges

As of writing, the XRP price showcased a substantial drop of 2.34% over the past 24 hours and is currently trading at $0.5389. Moreover, the token’s weekly chart also portrayed a noteworthy fall of 7.30%, escorted by a monthly downturn of 12.61%.

Intriguingly, the whale’s XRP dump to the centralized exchange further aligns with today’s price fall. In addition, even the market cap and trading volume plunged significantly today.

However, crypto market analyst XRP Whale shared sentiments otherwise to the fall. As per the analyst’s statement, February is set to be a great month for the Ripple-backed token.

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The post XRP News: XRP Whale Offloads 26 Mln Tokens, Price Decline To Continue? appeared first on CoinGape.

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