Ripple And Whales Move 200 Mln XRP Amid Price Slump

 Ripple And Whales Move 200 Mln XRP Amid Price Slump

As of today, November 21, the XRP cryptocurrency once again caught the eyes of crypto market enthusiasts as whales reshuffled gigantic amounts of coins over the past twenty-four hours.

In a series of transactions revolving around the XRP cryptocurrency, three whale movements transferring tokens to CEX and unknown wallets nabbed significant attention within the broader crypto markets.

Simultaneously, the XRP price also witnessed a marginal downfall at the time of writing.

XRP Whale Transactions: A Detailed Report

According to the data offered by Whale Alert, a blockchain tracking platform, three massive whale movements orbiting XRP occurred over the past twenty-four hours.

Notably, the first whale transaction that caught the eyes of crypto traders and investors alike transferred 90 million XRP from Ripple, a payment network and currency exchange, to an unknown wallet, rJqiMb94hy…W8AzELa8nE, today. The transferred tokens amounted to $55.24 million at the time of writing.

Furthermore, another whale transaction that caught the eyes of crypto enthusiasts transferred 85 million XRP from an unknown wallet, rJqiMb94hy…W8AzELa8nE, to another unknown wallet, rP4X2hTa7A…7XZ63sKxv3. The amount transferred was evaluated to $51.99 million.

Besides the abovementioned transfer of tokens to unknown wallets, a significant whale transferring XRP to a CEX caught attention in the markets. The unknown wallet, r4wf7enWPx…5XgwHh4Rzn, reportedly transferred 25.50 million XRP to Bitstamp, a Luxembourg City-headquartered cryptocurrency exchange. As reported by CoinGape media earlier, the same wallet has been observed dumping millions of XRP to centralized exchanges, sparking curiosity among traders and investors.

The constant to and fro of XRP from exchanges to wallets, and vice versa, has curated a sense of frenzy for the coin’s tokenomics within the broader crypto markets.

Also read: Chainlink Whale Accumulation on the Rise, LINK Price Rally to Continue

XRP Price Slumps Amid Whale Activity

At the time of writing, the XRP price witnessed a marginal downfall of 1.46%, reaching $0.6098 over the past twenty-four hours. Furthermore, the token witnessed a substantial decrease of 8.13% over the past seven days.

As whale activity revolving around the XRP cryptocurrency continues to amass, data suggests a potential shift in the token’s market dynamics. Furthermore, a leading crypto analyst, Dark Defender, recently offered insights claiming that the cryptocurrency might be poised for an upcoming rebound.

Also read: Founder Jesse Powell Open Up About US SEC Lawsuit Against Kraken

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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