XRP, an eminent cryptocurrency backed by Ripple Labs, birthed a cyclone of inferences among crypto market enthusiasts globally, following another significant whale offloading chronicle. As per on-chain data hovering over the crypto realm, a whale address transferred over 29 million XRP to Luxembourg City-based CEX. Intriguingly, the transfer appeared to coincide with the token’s recent price fall today. However, renowned crypto market analysts spotlighted XRP’s current market dynamics, propelling optimism for the token’s future.

XRP Whale Transaction: A Detailed Report

According to the data revealed by the blockchain tracking platform Whale Alert, an unknown wallet moved 29.1 million XRP to Bitstamp, a centralized exchange, on Tuesday, January 23. Aligning with the on-chain data, the unknown wallet, r4wf7enWPx…5XgwHh4Rzn, was noted, making the above-stated transfer.

Meanwhile, the number of coins transferred totaled $15.45 million as of writing, nabbing significant attention globally. Whereas, market charts continued to showcase a downturn for the Ripple-backed token, mirroring the whale’s offloading chronicle.

As reported by CoinGape Media earlier, the same address has been registered, shifting similar amounts of XRP to CEXs previously. Intriguingly, this appears to be emerging as a recurring phenomenon following Ripple’s recent stake acquisition in Bitstamp.

However, with market charts portraying a continued bearish movement, whale selloffs appear to be curating additional inferences for the token.

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XRP Price Drops

As of writing, the XRP price showcased a 3.81% decline over the past 24 hours and is currently trading at $0.5098. Moreover, its weekly and monthly charts showcased an 11.28% and 17.42% drop, respectively.

However, top analysts globally appear to be sharing sentiments in contrast to the token’s bearish movement. As per analyst Ali Martinez, the XRP price could be preparing for a rebound as the trading chart illuminates a buying signal. In addition, another analyst, XRP Whale, asserts that the token is all set to see a bull run in February, as 2024 is potentially a great year for the Ripple-backed token.

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The post XRP Selloff: Whale Dumps 29 Mln XRP As Price Nears $0.51 appeared first on CoinGape.

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