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- On Tuesday, the cryptocurrency XRP, backed by Ripple, triggered a wave of speculation across the broader crypto market as it recorded significant whale activity.
- According to data from a platform that regulates on-chain metrics, it was observed that on December 12, 26.40 million XRP was transferred.
- Notably, as previously reported by COINOTAG, the same wallet appears to have recently transferred a large amount of XRP to Bitstamp.
XRP Price Continues to Drop amid Bitcoin’s Decline: Transfer by XRP Whale Raises Concerns
The Transfer Made by the XRP Whale Caused Concerns
On Tuesday, the cryptocurrency XRP, backed by Ripple, triggered a wave of speculation across the broader crypto market as it recorded significant whale activity. Interestingly, the massive whale activity emerged in the crypto market while the token’s price experienced a slight decline.
Consistent with the price drop experienced by the Ripple-backed cryptocurrency, a leading crypto analyst reflected bearish market sentiments on the token. Despite today’s price drop, the token has seen a slight increase over the past seven days.
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According to data from a platform that regulates on-chain metrics, it was observed that on December 12, 26.40 million XRP was transferred. Additionally, according to the data, an unknown wallet, r4wf7enWPx…5XgwHh4Rzn, transferred these tokens to Bitstamp. The number of tokens transferred to Bitstamp has sparked great curiosity among crypto market traders, as this amount was valued at $16.18 million.
Especially, as previously reported by COINOTAG, it appears that the same wallet has recently transferred a large amount of XRP to Bitstamp. Furthermore, the transfer of XRP to a CEX is taking place during the token’s price decline. This situation may reflect the drop in XRP’s price along with the increase in the total circulating supply.
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XRP Price Shows a Decline
XRP’s price fell by 0.78% to $0.621 in the last 24 hours. However, according to market charts, the token has seen a slight increase of 0.03% over the past seven days. On the other hand, compared to the monthly decline of 6.13%, the weekly increase is negligible. What is even more interesting is that Cryptoes, a well-known crypto analyst, has shared his views on this token. According to Cryptoes, market sentiments revolving around XRP currently reflect a bearish picture in the coming days.
Also, since Ripple’s bold share purchase on Bitstamp, the transfer of XRP to the digital asset exchange continues to be a recurring phenomenon in the crypto world. This purchase has given Ripple an advantage as On-Demand Liquidity (ODL) uses XRP to facilitate cross-border payments.
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