Ripple‘s native token, XRP, hosted a significant whale movement amid the market’s uncertainty on Wednesday. Two whale transactions, which moved about 84 million XRP, did not escape the attention of crypto traders and investors worldwide. These whale transactions gained even more importance as they occurred amidst the downward movements of XRP in the last 24 hours.
XRP and Whale Movements
According to the latest data announced by the whale tracking platform Whale Alert, two significant transactions specific to XRP have sparked rumors across the broader crypto market. These transactions, which took place on December 13, resulted in the movement of 83.9 million XRP amid the market’s downturn.
Furthermore, according to emerging data, an address identified as a XRP whale, r4wf7enWPx…5XgwHh4Rzn, transferred 23.90 million XRP to Bitstamp. The value of the tokens transferred to the centralized exchange was equivalent to $14.63 million at the time of writing.
In addition to this, 60 million XRP were transferred from Ripple to an unknown address following this transaction. This other significant transaction caused substantial speculation among followers of the crypto market.
The value of the tokens transferred from Ripple to the address rP4X2hTa7A…7XZ63sKxv3 was estimated at $36.64 million at the time of writing. What distinguished this wallet from others was the reflection that the address had acquired an alarming amount of XRP over the past week.
These whale transactions that have been occurring around Ripple for about a month could be a routine reflection of the community’s effort to increase the value of XRP.
XRP Price Declines
As of the time of writing, the XRP price experienced a downturn of 1.71%, with a relatively low price movement, retreating to the level of $0.60806. The downward price movement continued, and there was a weekly decline of 1.69%. In a monthly review, the total drop was 7.37%.
Crypto analyst Crypto Barbie recently expressed her thoughts on XRP, stating that the current price drop represents the best time to accumulate XRP. She also emphasized that a bull run for XRP could start unexpectedly without anyone realizing.
Although analysts have been trying to uplift the XRP tokenomics, it would not be wrong to say that the token’s current market outlook continues to show a downward trend, especially as the price briefly stayed below the $0.60 region today.
