The Ripple Labs-backed cryptocurrency, XRP, jotted down significant whale transactions as of today, December 8. Interestingly, the colossal amounts of XRP transferred gained noteworthy attention within the cryptocurrency universe as the U.S. recently announced plans to jack up and promote blockchain technology.

Moreover, the buzz created by the Ripple-backed cryptocurrency also appears to be attributed to an analyst predicting a promising future for the token. Meanwhile, the token witnessed numerous whale transactions over the past few days, wherein the cryptocurrency noted whales reshuffling millions of coins to different exchanges.

Whales Move XRP To CEXs Amid U.S. Blockchain Bill Push

Whale Alert, a platform mapping out blockchain tracking metrics, recently showcased data orbiting XRP transfers. The data offered by Whale Alert depicts the transfer of 44.8 million XRP to Bitstamp and Bitso.

As per the data, the unknown wallet, r4wf7enWPx…5XgwHh4Rzn, recorded two massive transactions, dumping XRP to exchanges recently. Relating to this, the above-mentioned wallet relocated 22.80 million XRP, worth $14.42 million, to Bitstamp. Furthermore, this was escorted by another transaction, transferring 24 million XRP, evaluating $15.18 million, to Bitso.

The transfer of XRP to exchanges comes amid the recent news of the U.S. unveiling plans to promote the adoption of blockchain-related services and technology. According to a recent statement by the 118th United States Congress, the Secretary of Commerce was appealed to take necessary and appropriate actions orbiting the use and promotion of blockchain-related activities.

Intriguingly, the request was accepted by the 118th Congress, resulting in the approval of the bill named ‘Deploying American Blockchains Act of 2023’. This bill encompassed a variety of blockchain-related activities, including payments and ledger-related services, proving beneficial for Ripple, as the firm positions itself as a global payments network.

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XRP Price Plunges

As of writing, the XRP price recorded a marginal fall of 0.53% in the past 24 hours and currently stands at $0.6447. However, the token showcases a surge of 5.72% over the past week.

The price plunge witnessed by the token today comes contrary to the recent remarks made by one of the leading analysts, Cryptoes.

Cryptoes, recently stated that the XRP daily cup and handle pattern appears to gradually progressing. Moreover, the analyst also shed light on the XRP cryptocurrency reflecting bullish market sentiments in the near future. Despite these remarks, the token’s price today was in the red.

Additionally, in the midst of the U.S. approval of a blockchain-specific bill, the XRP price became conflicting as it experienced a plunge. Besides, the plunge in the token’s price may be attributed to the recent XRP dumps to CEXs, prompting an increase in the circulation supply.

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