XRP Whale Transfer to Bitstamp: All You Need to Know
Whale Alert, a platform that tracks on-chain data, recently reported a transaction involving the transfer of 24.60 million XRP to Bitstamp, a centralized exchange. The transfer was made by an unknown wallet address on Monday, December 18. This wallet has been responsible for moving large amounts of XRP to various exchanges over the past few days.
The price of XRP has seen a decline in line with the token being dumped on Bitstamp. This transfer of XRP to exchanges like Bitstamp and Bitso has become a common occurrence since Ripple’s acquisition of stakes in these exchanges.
However, this recent drop in price has sparked speculation and bearish sentiments for XRP within the crypto market.
XRP Price Falls
At present, the price of XRP has dropped by 1.57% in the past 24 hours and is currently trading at $0.6062. Over the past week, the token has also experienced a decrease of 3.56%, aligning with the overall bearish sentiment towards XRP.
Despite the price drop, the trading volume for XRP has increased significantly in the past 24 hours, reaching $975.422 million.
In light of these developments, crypto analyst 24hrscrypto has highlighted the bearish movements of XRP in recent days. He advises caution when considering investments in XRP and discourages traders from targeting this token. According to him, XRP is likely to continue its downward trajectory in the near future.
Hot Take: Speculations Surrounding XRP Whale Activity
The recent whale activity involving the transfer of a large amount of XRP to Bitstamp has generated speculation and bearish sentiments for the token. This comes as XRP experiences a decline in price and increased trading volume. Crypto analyst 24hrscrypto warns investors to be cautious and avoid XRP due to its downward trajectory. The future of XRP remains uncertain as it continues to face selling pressure from whales.
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