- A large XRP holder transferred 50 million tokens during a price decline, causing speculation.
- The whale sent 26 million XRP ($15.22 million) to Bitso and 24.7 million XRP ($14.68 million) to Bitstamp.
- A crypto analyst remains optimistic, citing historical patterns and investor support for XRP’s rebound.
Reports have surfaced indicating substantial movements of over 50 million XRP tokens by a single whale toward various cryptocurrency exchanges. This intriguing revelation has sparked speculation as these whale transactions have coincided with a period of decline in the token’s price.
Details from Whale Alert, an on-chain tracker, uncovered the staggering transfer of 26 million XRP tokens, equating to approximately $15.22 million, to the Mexican-based exchange, Bitso. In a separate but equally significant move, the same enigmatic wallet address shifted an additional 24.7 million XRP tokens, valued at around $14.68 million at the time of transfer, to another prominent crypto exchange, Bitstamp.
Remarkably, this mysterious wallet address has been consistently orchestrating similar transactions toward centralized exchanges (CEXs) over the past few weeks. Notably, in a span of fewer than fourteen days, the same entity has moved a staggering 138 million tokens across multiple cryptocurrency platforms—a sum valued well over $79 million considering the current market price.
Simultaneously, the wider crypto market encountered a notable disturbance, witnessing XRP’s value descending to levels close to those seen in October. However, amidst this decline, renowned cryptocurrency analyst Egrag Crypto has expressed optimistic sentiments about the digital asset’s trajectory.
Egrag Crypto highlighted bullish indicators for XRP, pointing to historical patterns where the asset rebounded from comparable situations. The analyst emphasized the defense of a critical price level by bullish investors, indicating a potential resilience against further downward trends.
