XRP Whales Transfer Over 50 Million Tokens to CEXs
A recent report has revealed that a large XRP holder, known as a whale, has moved more than 50 million tokens to cryptocurrency exchanges. This whale has been conducting similar transactions over the past few weeks.
These whale transactions have generated speculation among crypto market enthusiasts as they occurred during a decline in XRP’s price. According to data from on-chain tracker Whale Alert, the whale transferred 50.7 million tokens to centralized exchanges (CEXs).
Whale Alert reported that the first transaction involved the transfer of 26 million XRP tokens valued at approximately $15.22 million. The tokens were sent to the Mexican-based crypto exchange Bitso. In the second transaction, 24.7 million XRP tokens valued at about $14.68 million were moved to another exchange called Bitstamp.
The wallet address responsible for these transactions has previously transferred over 48 million XRP tokens to Bitstamp and Bitso. In total, over 138 million tokens have been moved to cryptocurrency platforms in less than two weeks, with a current value of over $79 million.
The Crypto Asset Expected to Experience Significant Growth
Despite a recent drop in its price, XRP is predicted to experience an upward swing according to cryptocurrency analyst Egrag Crypto. The analyst shared bold predictions for the asset on social media platform X, formerly known as Twitter.
Egrag Crypto highlighted an August scenario where XRP reached its lower boundary during a major liquidation event across the crypto market. He believes that XRP is now returning to that zone with another aggressive liquidation event.
The analyst noted that the asset’s bulls have been defending this price channel and have prevented a daily candle close below it. He also mentioned a slight retest around $0.55, which is considered typical market behavior.
Hot Take: XRP Whale Activity Sparks Speculation Amidst Price Decline
In recent weeks, the crypto community has been buzzing with speculation as an XRP whale has transferred over 50 million tokens to centralized exchanges. This activity has raised questions about its impact on XRP’s price, especially during a period of decline.
While the exact motives behind these transactions remain unknown, they have caught the attention of investors and enthusiasts alike. The movement of such a significant amount of tokens suggests that there may be strategic decisions being made by this whale.
On the other hand, cryptocurrency analyst Egrag Crypto remains optimistic about XRP’s future despite the recent price drop. He believes that the asset is poised for an upswing based on historical patterns and the actions of bullish investors.
As the market continues to fluctuate, it will be interesting to see how these whale transactions and bullish sentiments impact XRP’s price and overall market sentiment.
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