XRP Whale Shifted 28 Million XRP to bitstamp; Will the Price Rise to $0.64?
In a major development that has caused ripples in the crypto community, a whale has caused a major shakeup in XRP assets by transferring millions of dollars worth of XRP coins in the last 24 hours.
While this development pointed to an increase in XRP whale activity, it also sparked speculation about its potential impact on the altcoin price and the crypto market.
Whale Transferred 17 Million Worth of XRP to Bitstamp
On Tuesday, an anonymous whale moved 27.7 million XRP tokens (worth approximately $17.26 million at current market prices) from an undisclosed wallet to Europe-based cryptocurrency exchange Bitstamp. The transaction was flagged by blockchain tracker Whale Alert. However, CoinGape could not confirm whether the whale in question was an individual or a company.
Additionally, on January 1, at least 800 million XRP tokens were locked in escrow at ripple, the company behind the XRP cryptocurrency, according to Whale Alert. Since Ripple controls more than 50% of the total supply of XRP, many argue that Ripple’s blockchain is more centralized than its peers.
The massive transaction involving more than 27 million XRP tokens is not an isolated incident. Whale Alert has flagged several such transactions involving XRP in the past, with whales divesting a significant portion of their XRP holdings last year. Last December, CoinGape reported that whales had relocated more than 70 million XRP tokens worth over 45 million.
XRP Price Increased by 2%, Can $0.64 Be Reached?
The influx of XRP tokens into crypto exchanges signals that investors are planning to sell the asset. However, this remains unclear as it is difficult to determine what happens to the asset after it reaches the exchange. At the time of writing, the XRP price was at $0.634, increasing by more than 2% in the last 24 hours. It might make sense for XRP whales to move in to take profits amid the recent price rally.
XRP in particular is trading well below its all-time high of $3.84, a feat it achieved in January 2018. Meanwhile, trading volume in the last 24 hours increased by a whopping 46% to $1.12 billion. Its market value, currently at approximately $34.3 billion, increased by 2.19% in the last 24 hours.
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