XRP, a prominent cryptocurrency supported by Ripple Labs, sparked renewed speculation within the broader crypto market on Friday. The token’s recent substantial whale transfers, highlighted by data within the crypto sphere, drew attention from enthusiasts. Coinciding with a price decline in the token, additional implications for XRP emerged. Additionally, a leading crypto analyst provided insights into XRP’s current market dynamics, further fueling speculation surrounding the token.
XRP Large Holder Sells on Centralized Exchanges: Report
Whale Alert’s data reveals two noteworthy transactions, collectively transferring 46.60 million XRP to a pair of centralized exchanges (CEXs). The initial transaction, capturing global traders’ attention, moved 23.80 million XRP valued at $14.84 million to Bitstamp. Simultaneously, the second transaction, equally noteworthy, shifted 24.80 million XRP, worth $15.46 million, to Bitso, another CEX.
Remarkably, both transfers originated from the identical wallet address, r4wf7enWPx…5XgwHh4Rzn, sparking significant interest among cryptocurrency enthusiasts. It’s worth noting that this specific address has been previously associated with substantial transfers.
This recurrent pattern of XRP transfers to the mentioned CEXs by the same wallet address has become a notable trend in the global crypto landscape. This phenomenon appears linked to Ripple’s strategic collaboration with Bitstamp and Bitso, where these exchanges leverage Ripple’s payment services.
Additionally, for further insights into the current crypto market, it’s advised to explore the latest developments in cryptocurrency prices. Notably, Bitcoin and Pepe Coin have experienced a retreat, while KAS has witnessed a rise.
XRP Price Slips
As of the current moment, the XRP price chart reflects a decline in the last 24 hours, marking a decrease of 1.95% and settling at $0.633. Additionally, the trading volume for XRP has experienced a notable drop of 13.53% within the same period.
In parallel, Cryptoes, a cryptocurrency market analyst, recently emphasized the downward movement of XRP. Despite this observation, the analyst maintains a positive outlook on the token. The recent breach of the white trend line is viewed as a temporary setback, with expectations for a favorable performance in the near future.
The analyst further suggests that a rebound above the white trend line by Sunday night has the potential to set the stage for a promising new year for the Ripple-backed token.