XRP, a cryptocurrency backed by Ripple Labs, is once again creating a bustle in the realm of cryptocurrencies as the XRP community saw enormous amounts of whale transactions in the last few days.
The colossal amounts of XRP transfers made to exchanges caught the eyes of crypto market enthusiasts, as a series of whale transactions occurred amid the selloff pressure on XRP.
Interestingly, despite Ripple Labs announcing plans to amalgamate Automated Market Makers (AMMs) into the XRP ledger, whale transferring coins to exchanges, along with the XRP price slump, seems to come as contrary to the decision made.
Whale Transferring XRP to CEXs: Know More
According to recent market data revealed by Whale Alert, a leading blockchain tracking platform, an unknown wallet, r4wf7enWPx…5XgwHh4Rzn, today transferred a whopping 25.40 million XRP to Bitstamp, a centralized digital asset exchange headquartered in Luxembourg City. The crypto coins transferred amount to $15.61 million as of writing.
Furthermore, the same wallet, r4wf7enWPx…5XgwHh4Rzn, dumped another 26.20 million XRP to a centralized exchange Bitso. The cryptocurrencies transferred to Bitso amounted to $16.11 million.
As reported by CoinGape Media earlier this month, the same wallet address captivated the eyes of crypto traders and investors alike as it transferred millions of XRP to centralized exchanges. The transfer of cryptocurrencies to exchanges indicates an upcoming price fall as the total number of tokens in circulation increases, with the demand remaining the same.
Price Falls To Support Level
As of writing, the XRP price witnessed a marginal downfall of 4% over the past 24 hours, reaching $0.62. Moreover, the token witnessed a substantial downfall of 6% over the past seven days. However, the XRP price crossed the $0.7 mark on November 14, stirring up speculations in the crypto market.
Additionally, crypto market enthusiasts were keenly eyeing the token as Ripple Labs recently integrated AMM into the XRP Ledger (XRPL), facilitating liquidity while also developing the Ripple ecosystem. The aforementioned integration appears to have been facing skepticism among the XRP crypto community, falling in line with the whale transfers and price slump.
XRP price trades near support, with analysts believing another fall is quite possible amid the closing of positions by traders after the BlackRock ETF news.
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