XRP Whale Transfers Spark Speculation
The recent whale transfers of 47.5 million XRP to two different cryptocurrency exchanges have caused a stir in the crypto market. These transfers occurred at a time when XRP’s price was dropping, adding to the speculation surrounding the token.
An In-Depth Look at the Whale Transfers
Data from Whale Alert, a platform that tracks on-chain metrics, revealed two significant whale transactions involving XRP. Both transactions were made by the same wallet address, r4wf7enWPx…5XgwHh4Rzn. The first transfer moved 26.2 million XRP, valued at $15.21 million, to Bitstamp, a Luxembourg City-based exchange. The second transfer involved 21.3 million XRP, worth $12.36 million, being sent to Bitso, a Mexico City-based exchange.
It is worth noting that this wallet address has made similar large transfers to these exchanges in the past, likely due to Ripple’s stake in them.
XRP Price Takes a Hit
XRP’s price has experienced a significant drop of 8.10% in the past 24 hours and is currently trading at $0.5826. This decline adds to the weekly drop of 9.71% and the monthly plunge of 7.94%. Despite this, one crypto analyst remains optimistic about the future of XRP.
Bullish Outlook for XRP
Crypto analyst XRP Whale believes that the current dip in XRP’s price is temporary and expects a massive breakout that could push the token’s value to $7-$13. The analyst also points out the token’s weekly accumulation, suggesting that it has the potential to reach $10 in the near future.
Hot Take: XRP’s Price Dips Amid Whale’s Massive Selloff, What’s Next?
The recent whale transfers of 47.5 million XRP have caused a stir in the crypto market, especially as they coincide with a drop in XRP’s price. While some may see this as a cause for concern, others remain optimistic about the token’s future. With XRP Whale predicting a significant breakout and potential price targets of $7-$13, it will be interesting to see how XRP performs in the coming days and weeks. Keep an eye on this space for more updates on XRP’s price and market dynamics.
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