XRP Whale Dumps Over 51 Mln XRP, Another Freefall Below $0.60?
Release: 2023/11/17 17:01 Reading: 419
XRP, a cryptocurrency supported by Ripple Labs, has once again caused excitement in the world of cryptocurrencies. The XRP community recently witnessed a significant number of large transactions by whales.
Crypto market enthusiasts were intrigued by the substantial XRP transfers made to exchanges, as a sequence of whale transactions took place during the period of XRP's decline in value.
It is intriguing that despite Ripple Labs' announcement to integrate Automated Market Makers (AMMs) into the XRP ledger, the movement of large amounts of coins by whales to exchanges, coupled with the decline in XRP price, appears to contradict the aforementioned decision.
Whale Transferring XRP to CEXs: Know More
According to recent market data revealed by Whale Alert, a leading blockchain tracking platform, an unknown wallet, r4wf7enWPx…5XgwHh4Rzn, today transferred a whopping 25.40 million XRP to Bitstamp, a centralized digital asset exchange headquartered in Luxembourg City. The crypto coins transferred amount to $15.61 million as of writing.
Furthermore, the same wallet, r4wf7enWPx…5XgwHh4Rzn, dumped another 26.20 million XRP to a centralized exchange Bitso. The cryptocurrencies transferred to Bitso amounted to $16.11 million.
As reported by CoinGape Media earlier this month, the same wallet address captivated the eyes of crypto traders and investors alike as it transferred millions of XRP to centralized exchanges. The transfer of cryptocurrencies to exchanges indicates an upcoming price fall as the total number of tokens in circulation increases, with the demand remaining the same.
Also Read: New Payments Protocol for Coinbase Commerce to Facilitate Instant Crypto Settlements
Price Falls To Support Level
As of writing, the XRP price witnessed a marginal downfall of 4% over the past 24 hours, reaching $0.62. Moreover, the token witnessed a substantial downfall of 6% over the past seven days. However, the XRP price crossed the $0.7 mark on November 14, stirring up speculations in the crypto market.
In addition, cryptocurrency market enthusiasts were closely observing the token as Ripple Labs recently incorporated AMM into the XRP Ledger (XRPL), which not only enhanced liquidity but also contributed to the growth of the Ripple ecosystem. The integration mentioned above seems to have been met with doubt among the XRP cryptocurrency community, aligning with the large-scale transfers by influential investors and the subsequent decline in price.
Analysts suggest that the price of XRP is currently trading close to a support level, and there is a possibility of further decline due to traders closing their positions following the news about BlackRock ETF.
Also read: Crypto Prices Today: BTC, Pepe Coin Decline While YFI Rallies
The post XRP Whale Dumps Over 51 Mln XRP, Another Freefall Below $0.60? appeared first on CoinGape.
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