XRP, an eminent cryptocurrency backed by Ripple Labs, once again stirred a whirlpool of speculations across the broader crypto market on Friday as the token recorded significant whale transfers recently. Notably, as per the data hovering over the crypto horizon, two significant whale transfers appear to have caught the eyes of crypto market enthusiasts.

Moreover, as the data emerged amid a price drop noted by the token, additional inferences for XRP seem to have been birthed. Meanwhile, a prominent crypto analyst shed light on XRP’s current market dynamics, fueling further speculations for the token.

XRP Whale Dumps To CEXS: Report

According to the data unveiled by Whale Alert, a platform facilitating blockchain metrics, two significant transfers occurred, collectively moving 46.60 million XRP to a couple of CEXs.

Notably, the first transaction that piqued traders’ interest globally shifted 23.80 million XRP, worth $14.84 million, to Bitstamp, a centralized exchange. Meanwhile, the second transaction that garnered substantial attention moved 24.80 million XRP, worth $15.46 million, to Bitso, another CEX.

Intriguingly, both the aforestated transfers were made using the same wallet address, r4wf7enWPx…5XgwHh4Rzn, sparking immense curiosity among crypto market fanatics. Moreover, as reported earlier, the previously stated address has been noted for making similar massive transfers.

The transfer of XRP to the aforementioned CEXs by the same wallet address has recently emerged as a recurring phenomenon within the global crypto landscape. This seems to come as a result of Ripple’s strategic collaboration with Bitstamp and Bitso, wherein the CEXs utilize Ripple’s payment services.

Also Read: Crypto Prices Today: Bitcoin, Pepe Coin Retreat With KAS Rising

XRP Price Slips

As of writing, the XRP price chart showcased a downward trajectory over the past 24 hours, plunging 1.95% and currently resting at $0.633. Moreover, its trading volume over the past 24 hours down surged 13.53%.

Simultaneously, a crypto market analyst, Cryptoes, further spotlighted XRP’s fall recently. However, the analyst seemed to remain bullish on the token, as XRP’s past close below the white trend line only pushed the token’s performance in the near future.

Furthermore, the analyst proclaimed that a close back above by Sunday night could potentially pave the way to a great new year for the Ripple-backed token.

Also Read: Last Bitcoin Options Expiry of the Year, Here’s What the Data Tells

The post XRP Whale Shifts 47 Mln XRP Sparking Speculations, Nosedive to $0.62 Again? appeared first on CoinGape.

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Filed under: News - @ December 29, 2023 6:28 am