XRP Whale Makes Mass Transfer Amid Price Volatility

In light of recent developments in the cryptocurrency market, XRP has once again attracted the attention of investors and the community as the crypto asset has witnessed another massive whale activity. XRP Whales Move Over 50 Million Tokens to CEX A recent report revealed that an XRP whale recently moved over 50 million tokens to cryptocurrency exchanges. On-chain data shows that the whale has been conducting these types of transactions for the past few weeks. Interestingly, these whale transactions have created a whirlwind of speculation among crypto market enthusiasts around the world after they emerged during the token price crash. According to data from on-chain tracker Whale Alert, the whale transferred 50.7 million tokens to centralized exchanges (CEX). Whale Alert has revealed that the aforementioned funds were transferred to CEX in two separate transactions. The whale transactions came amid the token’s downward movement, sparking speculation about its effect on the price of XRP. The on-chain tracker reported that a whopping 26 million XRP tokens valued at approximately $15.22 million were produced in the first transaction. The data shows that the unknown address identified as r4wf7enWPx…5XgwHh4Rzn moved the tokens to the Mexico-based Bitso crypto exchange. Meanwhile, the second transaction moved 24.7 million XRP tokens valued at approximately $14.68 at the time the transfer was made. The same wallet address mentioned above had transferred the funds to another crypto exchange, Bitstamp. It is noteworthy that the aforementioned wallet address has been orchestrating these types of transactions to CEXs for some time now. Last week, Whale Alert detected the wallet address transferring over 48 million XRP tokens to Bitstamp and Bitso. In less than two weeks, the wallet address has moved over 138 million tokens to cryptocurrency platforms. At the current price of the digital asset, it is valued at over $79 million. The Crypto Asset Is Poised for a Significant Rally On Wednesday, the entire crypto market experienced a notable disruption that saw XRP fall close to its October lows of $0.50. Despite the significant price drop, cryptocurrency analyst Egrag Crypto has expressed bullish sentiments about the crypto asset. Egrag has recently shared bold predictions for the asset on the X platform (formerly Twitter). The crypto analyst noted that the token price is currently preparing for a rally. XRP shows slight retest level around $0.55 | Source: Egragcrypto on “Now, after five months, he is back in that zone with another aggressive $1 billion sell-off,” he said. He highlighted that the asset’s bulls have been steadfast in “defending this channel,” not allowing anything to stop them from “buying the dip.” He stated that the bulls have kept the price above the “Val Hell Line”, preventing a “daily candlestick” from closing below it. So far, Egrag has noted that “a slight retest” around $0.55 appears to be “fairly standard” market behavior. XRP is trading at $0.577 on 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Shutterstock, chart from Tradingview.com Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC’s views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.

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