XRP, a prominent cryptocurrency backed by Ripple Labs, caused a stir in the broader crypto market recently with significant whale transfers. The latest data from the crypto horizon reveals two major whale transfers that have grabbed the attention of crypto enthusiasts worldwide.
The Whale Alert platform, known for providing blockchain metrics, disclosed that a collective 46.60 million XRP was transferred to two centralized exchanges (CEXs). The first transfer moved 23.80 million XRP, valued at $14.84 million, to Bitstamp, while the second transfer shifted 24.80 million XRP, worth $15.46 million, to Bitso. It’s worth noting that both transfers were made from the same wallet address, r4wf7enWPx…5XgwHh4Rzn, which has been linked to similar massive transfers in the past.
This recurring pattern of XRP transfers to CEXs by the same wallet address points to a strategic collaboration between Ripple and Bitstamp and Bitso, as these exchanges utilize Ripple’s payment services. This strategic partnership has become a recurring phenomenon in the global crypto landscape, sparking curiosity among market participants.
In terms of price movement, XRP has seen a 1.95% decline in the past 24 hours, with the current price resting at $0.633. Additionally, trading volume has surged 13.53% over the same period. Despite this downward trajectory, the crypto market analyst Cryptoes remains bullish on XRP, pointing to the token’s potential for a strong performance in the near future.
Cryptoes highlighted that XRP’s recent fall and close below the white trend line may be a temporary setback, and a close back above by Sunday night could set the stage for a positive year ahead for the Ripple-backed token. As the crypto market continues to evolve, it’s essential to stay informed about these developments to make well-informed investment decisions.
Stay updated with the latest developments in the crypto and NFT space as they continue to shape the future of the industry.
