- 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.
Read CRYPTONEWSLAND on
google news
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.
Read also:
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
