XRP Whale Offloads 26 Mln Tokens, Price Decline To Continue?
On Monday, XRP, a prominent cryptocurrency, experienced significant whale activity as a staggering 26.8 million XRP tokens were moved. This sparked speculation among crypto enthusiasts worldwide. The price of XRP continued to decline, which coincided with the whale’s offloading activity. However, XRP Whale, a well-known crypto market analyst, remains optimistic about the token’s future.
A Closer Look Into Today’s XRP Whale Transaction
According to blockchain data from Whale Alert, an unidentified wallet transferred 26.8 million XRP tokens to Bitstamp, an exchange in Luxembourg City. This transfer is noteworthy because the same wallet has made similar transfers to Bitstamp during recent price dips. It is believed that Ripple’s stake acquisition in the exchange may be related to these transfers.
Recent reports suggest that these transfers to Bitstamp may become a recurring phenomenon, further reinforcing the connection with Ripple’s stake acquisition.
XRP Price Plunges
Currently, XRP is trading at $0.5389 after experiencing a 2.34% drop in the past 24 hours. The weekly chart also shows a significant decline of 7.30%, accompanied by a monthly downturn of 12.61%. The whale’s dumping activity on the centralized exchange corresponds with the price fall and a decrease in market cap and trading volume.
Hot Take: February Holds Promise for XRP
Despite the recent decline in price and the whale’s offloading, XRP Whale remains positive about the token’s future. According to the analyst, February is expected to be a great month for XRP.
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