XRP Price Dips Amid Whale’s 47.5 Mln XRP Selloff Saga, What’s Happening?

XRP, one of the most renowned cryptocurrencies by global market cap, curated a tidal wave of speculations across the broader crypto market on Thursday, following substantial whale transfers jotted by the token. Notably, these transfers gained significant traction among global crypto market enthusiasts as they surfaced amid XRP’s price drop.

Meanwhile, on-chain data floating over the crypto landscape illuminated a whale, shifting 47.5 million XRP to two different CEXs. In addition, a prominent crypto market analyst further spotlighted the Ripple-backed token’s current market dynamics, fueling inferences for its performance ahead.

XRP Whale Transfers To CEXs, A Closer Look

According to the data unveiled by Whale Alert, a platform streamlining on-chain metrics, two significant whale transactions orbiting XRP took place amid the token’s price drop recently. Intriguingly, both transactions were carried out by the same wallet address, r4wf7enWPx…5XgwHh4Rzn.

The first transfer showcased the shifting of 26.2 million XRP, worth $15.21 million, to Bitstamp, a Luxembourg City-based CEX. Meanwhile, the second transaction illustrated the moving of 21.3 million XRP, worth 12.36 million, to Bitso, a Mexico City-based CEX.

What’s even more interesting is that the same wallet address was registered, making similar colossal transfers to the same CEXs previously. These recurring transfers appear to come as a result of Ripple’s strategic stake acquisition in the CEXs mentioned above.

Also Read: Bitcoin (BTC) Price Tumbles Nearly 5%, PEPE Crashes While ARB Soars

XRP Price Plunges

As of writing, the XRP price showcased a substantial downfall of 8.10% over the past 24 hours and is currently trading at $0.5826. Furthermore, this slump was additionally accompanied by a weekly drop of 9.71%, along with a monthly plunge of 7.94%.

However, in contrast to the token’s current market performance, an eminent crypto analyst seemed to remain bullish on the Ripple-backed token.

According to crypto analyst XRP Whale, the current dip witnessed by the token is supposedly the last before a massive breakout to reach $7-$13. Furthermore, the analyst spotlighted XRP’s current weekly accumulation, stressing the token’s potential to reach $10 shortly ahead.

Also Read: World Funds Trust Submits 6 Bitcoin ETF Filings With US SEC

The post XRP Price Dips Amid Whale’s 47.5 Mln XRP Selloff Saga, What’s Happening? appeared first on CoinGape.