Ripple Labs-backed prominent altcoin XRP continues to make headlines with substantial whale transfers to centralized cryptocurrency exchanges. The Whale Alert platform, which tracks large movements on blockchains, reported that over 48 million XRP were moved and transferred to a centralized cryptocurrency exchange. This significant transaction, occurring during a period when the altcoin’s price was rising, led to additional inferences about XRP’s price trajectory.
Whales Move 48.2 Million XRP to Exchanges
According to data provided by Whale Alert, two large whale transactions were recorded on January 12th. A total of 48.2 million XRP were moved to centralized cryptocurrency exchanges in these transactions. The data also indicates that the XRP was transferred from an anonymous wallet address known for similar transfers in recent days to Bitstamp and Bitso. The transactions were carried out by a wallet address starting with r4wf7…
According to the data, 23.6 million XRP from the whale-level wallet address were moved to Bitstamp exchange, and 24.6 million XRP to Bitso exchange. Interestingly, this situation emerged as a result of Ripple’s recent announcement of strategic buybacks on the mentioned cryptocurrency exchanges.
These whale-level transactions reveal that cryptocurrency whales have surfaced in the vast crypto sea amidst a partial surge in XRP’s price, indicating an exciting change in market sentiment for the altcoin.
Price Drop Expected for XRP
At the time this article was prepared, XRP’s price had recorded a slight increase of 0.71% in the last 24 hours and is currently trading at $0.5969. Additionally, there has been a 3.87% increase in the altcoin’s price over the weekly timeframe.
Interestingly, a renowned cryptocurrency analyst, Cryptoes, has fueled speculation within the XRP community by focusing on the current market dynamics of the altcoin. According to Cryptoes, signs suggest that the Ripple-backed altcoin has entered a downtrend after closing a candle below the 21MA and green resistance. Moreover, the analyst believes that the altcoin could at least retract to the lower support at $0.578.
