XRP Whale Transferred 26 Million Tokens, Will the Price Drop Continue?
XRP, one of the most prominent cryptocurrencies by global market cap, sparked a tidal wave of speculation in the broader crypto market on Monday as the token recently recorded another significant whaling activity. According to blockchain data highlighted by tracker Whale Alert, 26.8 million XRP in movement has sparked inferences among crypto market enthusiasts globally.
Meanwhile, market charts of the ripple-backed token continued to trade in negative territory today, in line with the whale’s notable dumping history. However, XRP Whale, a famous crypto market analyst, seems positive that the token will revive soon.
A Closer Look at Today’s XRP Whale Trading
According to on-chain data disclosed by blockchain tracker Whale Alert, an unknown wallet r4wf7enWPx…5XgwHh4Rzn was recorded transferring 26.8 million XRP to a cex on Monday, January 22. Relatedly, $14.75 million worth of XRP was shifted to bitstamp. Currency exchange in Luxembourg, Europe.
Notably, the exact address shifted a similar amount of XRP to Bitstamp amid recent price declines, attracting significant interest among crypto market traders and investors globally. The transfers to Bitstamp followed Ripple‘s recent strategic stake purchase on the exchange, which explains why such XRP transfers to Bitstamp have attracted the attention of investors.
Moreover, according to multiple recent reports from CoinGape Media, the aforementioned wallet transfers to Bitstamp are positioning themselves as a recurring phenomenon and also appear to be in line with Ripple’s stake acquisition.
Meanwhile, as the token’s price continues to decline, the whale’s dumping history has led to additional implications.
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XRP Price Falls
As of press time, the XRP price has dropped a significant 2.34% in the last 24 hours and is currently trading at $0.5389. Additionally, the token’s weekly chart also showed a monthly decline of 12.61%, accompanied by a notable decline of 7.30%.
Interestingly, the whale’s drop of XRP to the centralized exchange is even more in line with today’s price decline. Moreover, today even the market value and trading volume have dropped significantly.
However, crypto market analyst XRP Whale shared his thoughts on the decline. According to the analyst, February will be a great month for the Ripple-backed token.
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