- The cryptocurrency market presents a mixed outlook with some altcoins like Chainlink seeing double-digit increases while others tread in the red zone. Bitcoin, the leading crypto, is struggling to overcome resistance at $66,000.
- In this volatile atmosphere, a whale has loaded approximately 56 billion XRP Coins onto CEXs. This has created a downward trend on the Ripple-backed token.
- Elsewhere, whales are focusing on 3 altcoins.
Amid market volatility, whales are shifting their focus to three altcoins while a massive transfer of XRP Coins to CEXs triggers a downward trend.
Whales Prioritize These 3 Altcoins
As you may have noticed, the market, though recovering, presents an uncertain outlook for further progress. However, whales are on the move. According to Nansen data, the whales’ 24-hour fund entry on the Ethereum network is primarily focused on three altcoins. Nansen shared the top three fund entries:
- BAL: $11.66 million entry. The token is currently trading at $3.46.
- CHZ: $2.34 million entry. The token is currently trading at $0.1168.
- SHIB: $1.71 million entry. The token is currently trading at $0.00002448.
A Whale Moves 56 Million XRP Coins to Exchanges
Against the backdrop of the ongoing consolidation witnessed by XRP, a cryptocurrency supported by Ripple Labs, whale activity surrounding the token has once again attracted significant interest among crypto market participants. According to on-chain data, a famous XRP Coin whale has loaded approximately 56 million coins onto CEXs in the last 24 hours, causing a stir in the crypto community.
The significant transfer of XRP Coins to exchanges has triggered a wave of decline for the token’s cryptographic initiative. According to Whale Alert’s on-chain information, the whale moved 56.01 million XRP in several transactions the previous day. Interestingly, both transactions were carried out by the same leading XRP whale ‘…Rzn’. In the first transaction, 29.98 million XRP were moved to Bitso, a CEX based in Mexico City. In the second transaction, 26.03 million XRP were shifted to Bitstamp, a CEX based in Luxembourg City.
XRP Coin Price Performance
These transactions underscored increasing selling pressure on XRP Coin in the market. Parallel to today’s declining market movement, the price of XRP Coin fell. On-chain data added a downward trend to the 7th largest cryptocurrency by market value. At the time of writing, the XRP Coin price has fallen by 0.54% in the last 24 hours. The token is currently trading at $0.5161. The token’s 24-hour trading volume also fell by 9.34% to $1.09 billion.
Conclusion
In conclusion, while the cryptocurrency market presents a mixed outlook, whales seem to be making strategic moves. With a significant transfer of XRP Coins to exchanges triggering a downward trend, whales are shifting their focus to three altcoins: BAL, CHZ, and SHIB. As the market continues to fluctuate, these moves by whales could potentially shape the future trends of these cryptocurrencies.
