XRP, the Ripple-backed cryptocurrency, faced heightened attention in the crypto sphere due to significant whale transactions amidst a price decline.
Key Takeaways
- XRP sees heightened activity as 126.7 million coins are transferred in two significant whale transactions.
- Whale Alert platform reports transfers involving Bitstamp and Ripple to an unknown wallet, raising concerns in the crypto community.
- The total amount transferred amounts to $71.39 million, contributing to market speculation.
- XRP’s market performance indicates a 1.60% decrease in the last 24 hours, trading at $0.5589, with a bearish trend highlighted by crypto analyst Cryptoes falling below the 21MA.
Whale Transactions Trigger Speculation
XRP, the cryptocurrency supported by Ripple Labs, drew attention on Monday as significant whale transactions unfolded amidst a market downturn. According to data from the Whale Alert platform, a total of 126.7 million XRP coins were shifted in two substantial transactions within the past 24 hours.
XRP Whales Shift 127 Mln XRP As Price Nosedives Below $0.56, What’s Happening?
— 🇳🇱 MackAttackXRP® 🇳🇱 66K-XRP-Followers (@MackAttackXRP) January 8, 2024
XRP, a Ripple-backed token, gains significant traction on Monday following two noteworthy whale transactions amid a price drop.https://t.co/ZqhKdxGkQH
These transactions involved movements between unidentified wallets and a cryptocurrency exchange (CEX), sparking interest and speculation within the crypto community.
Details of Whale Transactions
Whale Alert reported two noteworthy transactions: the first involved the transfer of 26.7 million XRP to Bitstamp, a crypto exchange based in Luxembourg City. The second transaction saw 100 million XRP moving from Ripple to an undisclosed wallet. The wallets involved in the transactions were identified as r4wf7enWPx…5XgwHh4Rzn and rP4X2hTa7A…7XZ63sKxv3, respectively.
Market Performance and Price Decline
Simultaneous to these whale transactions, the price of XRP experienced a decline of 1.60% in the last 24 hours, currently trading at $0.5589. This decline was further accompanied by a weekly drop of 8.55% and a monthly decrease of 13.47%.
To Conclude
The recent surge in whale transactions involving XRP, coupled with the cryptocurrency’s declining price and bearish market indicators, has ignited speculation and concern within the crypto community.
The total amount of 126.7 million XRP, valued at $71.39 million, contributes to the evolving narrative around XRP’s market dynamics. Investors and enthusiasts are closely monitoring these developments amid the broader fluctuations in the cryptocurrency market.
