The waters are not calm for XRP, created by Ripple Labs. On November 20, with a large amount of XRP coin transferred to a centralized exchange, Bitstamp, investors once again have doubts.
The massive transfer caught the attention of crypto traders and investors as the whale who made the transfer had previously transferred millions of XRP to exchanges.
Whale Transfers XRP to Exchange
During this event, the XRP price also experienced an increase. The visible change in price seems to be in line with Ripple Labs’ recent gains in the SEC vs Ripple case and the announcement that Ripple community will support numerous projects utilizing the XRP Ledger (XRPL).
According to data shared by Whale Alert, an blockchain tracking platform, an unknown wallet address, r4wf7enWPx…5XgwHh4Rzn, recently transferred 25 million XRP to the centralized exchange Bitstamp located in Luxembourg, Europe.
The transfer of tokens to centralized exchanges often indicates a downward trend due to the increase in the number of tokens in circulation. The massive transfer in XRP attracted the attention of crypto traders globally. However, contrary to expectations, there was a clear increase in XRP price today, and market sensitivity was observed in the opposite direction.
What Will Be the Price of XRP?
As of the time of writing, the XRP price has increased by 1.98% in the last twenty-four hours, reaching $0.62. However, in the past seven days, the price has experienced a significant decrease and lost 5.39% according to market value.
Despite the stable price range of XRP, positive returns were achieved throughout the month due to the progress made by the Ripple community. This resulted in a significant increase of 21.09% in the overall price.
The mentioned price movement also followed the recent announcement of Ripple Labs, which plans to invest $1.3 million to support a total of 22 projects utilizing XRPL after the announcement of the winners’ list.
Additionally, XRP representative Stuart Alderoty recently targeted the US SEC and Gary Gensler. He stated that the SEC’s uncertain actions continue to draw reactions in the crypto world.
