XRP Whales Moves $47 Million To Exchange, As Price Dips
December 29 2023 - 3:58AM
NEWSBTC
XRP whales are on the move again, as on-chain data reveals that the
crypto asset has witnessed a massive whale activity in the past
day, which has led investors and the crypto community to ponder on
the reasons behind these large transactions. Whale Transfers 47
million XRP To Cryptocurrency Exchanges A report has shown that
a whale has shifted approximately 47 million XRP tokens to
crypto exchanges. Data from the on-chain tracker Whale Alert
revealed the funds were moved to centralized exchanges (CEXs) in
two distinct transfers. Related Reading: XRP Whales Show
Exchange Inflow Activity, Bad Sign For Price? The two whale
transactions came in light of the token experiencing a price
decline. The first transfer saw about 24,800,000 XRP tokens valued
at $15,463,840 being moved to the crypto exchange Bitso. Data
from the on-chain tracker shows that the unknown wallet address
r4wf7enWPx…5XgwHh4Rzn made the move 11 hours ago. The second
transaction shifted about 23,800,000 XRP which was valued at
$14,840,298 at the time of transfer. Whale Alert reported that the
same wallet address mentioned above also made the transfer to
another crypto exchange Bitstamp. This is not a surprise as the
stated wallet has been making such huge transfers to both Bitso and
Bitstamp exchanges. On Wednesday, December 27, the same wallet
address was reported moving over 49 million XRP to the centralized
exchanges. The whale transaction also took place in two distinct
transfers. The wallet address moved 22.90 million XRP valued at
approximately $14 million to Bitstamp. Meanwhile, the second
transaction was reported to have witnessed 16.50 million XRP worth
about $10.43 million moved to the Mexican-based exchange Bitso. The
movement of XRP to the stated CEXs via the same wallet address has
become a regular occurrence in the cryptocurrency space. This
might be due to Ripple‘s strategic partnership with Bitstamp and
Bitso, in which the CEXs make use of Ripple’s payment services.
Could The Price Of The Crypto Asset Reach $2,500? Crypto expert
Egrag Crypto recently revealed an intriguing story of his
conversation about the pricing of XRP with a prominent banker. The
analyst shared the story with the entire crypto community on the
social media platform X (formerly Twitter). Related Reading: Crypto
Analyst Predicts XRP Price Will Explode 58,000% To $352 The
conversation revolved around the token, as both figures examined
how the altcoin might reach a value of $2,500 soon. The discussion
arose when the banker challenged Egrag to clarify how 40,000 XRP
could ultimately equal $100 million. Taking up the challenge, Egrag
showed the banker how the asset would reach $2,500 using a chart he
posted alongside. According to the chart, the token might reach
this price level by 2029. Due to this, the banker has
considered the digital asset a long-term investment, as he believes
it could result in enormous gains by then. Currently, the token’s
price is sitting at $0.629, indicating a decline of about 1.60% in
the past 24 hours. Its trading volume is also down by over 20%,
while its market cap is down by 1.68%. Featured image from
Shutterstock, chart from Tradingview.com
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