XRP Struggles As Whale Shifts 26 Mln XRP To Bitstamp, Nosedive Below $0.61?

1 views 7:38 am 0 Comments December 19, 2023

On Tuesday, a tidal wave of speculations soared across the broader crypto market as the Ripple-backed cryptocurrency, XRP, recorded a massive whale activity. Intriguingly, the colossal whale activity surfaced through the crypto market as the token witnessed a marginal fall in its price.

Coming in alignment with the price slump witnessed by the Ripple-backed cryptocurrency, a prominent crypto analyst reciprocated market sentiments reflecting bearish thoughts on the token.

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Meanwhile, in contrast to today’s price fall, the token has jumped marginally over the past seven days.

XRP Whale Dumps Millions to Bitstamp

The data by Whale Alert, a platform streamlining on-chain metrics, spotlighted the transfer of 26.40 million XRP today, December 12. Furthermore, as per the data, an unknown wallet, r4wf7enWPx…5XgwHh4Rzn, was recorded, transferring the tokens to Bitstamp.

The number of tokens transferred to Bitstamp sparked immense curiosity among crypto market traders as it was evaluated as $16.18 million. Remarkably, as reported by CoinGape media earlier, the same wallet appears to have transferred a whopping amount of XRP to Bitstamp recently.

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Moreover, the dumping of XRP to a CEX comes amid a price drop witnessed by the token. This may reflect the fall in XRP’s price as the total supply in circulation increases.

Also read: Dogecoin (DOGE) Price Under Strong Selling Pressure, Key Support Levels to Watch

XRP Price Slumps

The XRP price noted a drop of 0.78% in the past 24 hours, reaching $0.6198 while writing. However, as per market charts, the token bumped slightly over the past seven days, rising 0.03%.

Meanwhile, when compared to the monthly down surge of 6.13%, the weekly surge stood negligible.

What’s even more interesting is that a renowned crypto analyst, Cryptoes, shared his views on the token. According to Cryptoes, the market sentiments orbiting XRP reflect a bearish horizon in the coming days.

He further shed light on how the Ripple-backed cryptocurrency is facing a downslide as it closes below the 21MA (Moving Average). Moreover, he stresses how the token is also nearing the challenging blue area that the community strived to surpass.

Ever since Ripple’s bold stake acquisition in Bitstamp, the transfer of XRP to the digital asset exchange persists as a recurring phenomenon in the crypto realm. The acquisition came forth as an upper hand for Ripple as ODL (On-Demand Liquidity) deploys XRP to facilitate cross-border payments.

Also read: Crypto Prices Today: Bitcoin & Pepe Coin Plunge As KCS Surges

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.