XRP Whales Make Large Exchange Inflows, Potentially Impacting Price
According to data from Whale Alert, the XRP network has seen several significant transactions in the past 24 hours. These transfers, each worth at least $10.9 million, are likely the work of influential whale entities.
As whales hold large amounts of XRP in their wallets, their movements can have an impact on the market. The motive behind these transfers is unclear, but it’s possible that some of these whales are selling their holdings.
Three of the transactions involve exchanges, with Bitstamp and Bitso being the recipients. The fourth and largest transaction involved Ripple, the company behind XRP, sending 120 million tokens to an unknown wallet.
XRP Price Remains Stagnant
XRP has been trading sideways around the $0.61886 level recently. There hasn’t been much movement in its price as of late.
Hot Take: XRP Whales’ Exchange Inflows Raise Concerns
The recent large exchange inflows by XRP whales have raised concerns about the potential impact on the cryptocurrency’s price. As influential players on the network, whale transactions can cause fluctuations in the market. While it’s difficult to determine the exact motive behind these transfers, the fact that they involve exchanges suggests a possibility of selling pressure. This could potentially be bearish for XRP. Traders and investors should closely monitor the actions of these whales and how they may affect the overall market sentiment towards XRP.
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