On Tuesday, a wave of speculation swept across the broader crypto market as the Ripple-backed cryptocurrency, XRP, recorded massive whale activity. Interestingly, colossal whale activity emerged in the cryptocurrency market when the token witnessed a marginal drop in its price.
Aligning with the price drop witnessed by the Ripple-backed cryptocurrency, a prominent crypto analyst reciprocated market sentiments reflecting bearish thoughts on the token.
Meanwhile, unlike today’s price drop, the token has risen slightly over the past seven days.
XRP Whale Throws Millions at Bitstamp
Data from Whale Alert, a platform that optimizes on-chain metrics, highlighted the transfer of 26.40 million XRP today, December 12. Furthermore, according to the data, an unknown wallet, r4wf7enWPx…5XgwHh4Rzn, was registered, transferring the tokens to Bitstamp.
The amount of tokens transferred to Bitstamp sparked immense curiosity among crypto market traders as it was valued at $16.18 million. Surprisingly, as CoinGape media previously reported, the same wallet appears to have transferred a huge amount of XRP to Bitstamp recently.
Furthermore, the dumping of XRP to a CEX comes amid a price crash witnessed by the token. This may reflect the drop in the price of XRP as the total supply in circulation increases.
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XRP Price Drops
XRP price saw a drop of 0.78% in the last 24 hours, reaching $0.6198 as of writing. However, according to market charts, the token rose slightly over the past seven days, rising 0.03%.
Meanwhile, compared to the monthly drop of 6.13%, the weekly increase was negligible.
What is even more interesting is that a renowned crypto analyst, Cryptoes, shared his views on the token. According to Cryptoes, the market sentiments orbiting around XRP reflect a bearish horizon in the coming days.
Furthermore, it shed light on how the Ripple-backed cryptocurrency is facing a downside as it closes below the 21MA (moving average). Furthermore, he highlights how the token is also approaching the challenging blue zone that the community strived to overcome.
Since Ripple’s bold stake acquisition in Bitstamp, the transfer of XRP to the digital asset exchange persists as a recurring phenomenon in the cryptocurrency space. The acquisition turned out to be a boon for Ripple as ODL (On-Demand Liquidity) implements XRP to facilitate cross-border payments.
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