XRP Whale Makes $79 Million Transfer Spree in Two Weeks

Ripple XRP

Recent developments in the cryptocurrency market have reignited interest in XRP, capturing the attention of both investors and the community. 

The digital asset has experienced significant whale activity, contributing to the renewed focus on XRP.

Whale Transfers Over 50 Million Tokens to Exchanges

A whale has recently attracted attention by moving more than 50 million tokens to various cryptocurrency exchanges. On-chain data reveals a pattern of such transactions occurring over the past few weeks.

These substantial whale transactions have sparked speculation within the global crypto community, coinciding with a decline in XRP’s price. 

According to data from the on-chain tracker Whale Alert, the whale executed two transactions, transferring 50.7 million tokens to centralised exchanges (CEX).

In the first transaction, the whale moved an impressive 26 million XRP tokens, valued at approximately $15.22 million, to the Mexican-based crypto exchange Bitso. 

Subsequently, the second transaction involved the transfer of 24.7 million XRP tokens, valued at around $14.68 million, to another crypto exchange, Bitstamp.

Notably, the wallet address associated with these transactions has consistently moved significant amounts of XRP to various exchanges. Over 48 million XRP tokens were transferred to Bitstamp and Bitso in the past week alone. 

This wallet address moved over 138 million tokens to cryptocurrency platforms within two weeks. The tokens have a current valuation exceeding $79 million based on the digital asset’s current price.

Crypto Analyst Predicts XRP Ready for Significant Upswing 

Despite a recent significant disruption that saw XRP dropping close to its October lows of $0.50, cryptocurrency analyst Egrag Crypto remains bullish about the crypto asset’s future. 

In a recent series of predictions on the X platform, Egrag Crypto expressed confidence in an upcoming upswing for XRP.

Egrag Crypto pointed to a recent scenario in August where XRP reached the lower boundary of its channel during a 1 billion liquidation across the crypto market. He noted a similar situation after five months, with another aggressive 1 billion liquidation. 

The analyst emphasised the resilience of bulls in defending the channel, preventing a daily candle close below the “Val Hell Line.”

According to Egrag Crypto, despite a slight retest of around $0.55, the bulls have maintained control, demonstrating standard market behaviour. The analyst’s optimistic outlook suggests that XRP could soon be poised for a significant upswing.

Read Also: Ripple: Legal Victory and Cryptocurrency Regulation Insights for 2024 – FXCryptoNews 

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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