Ripple Labs supported altcoin XRP saw significant whale activity today. According to the latest market data, a whale moved a massive amount of XRP to a centralized cryptocurrency exchange. Following the whale’s transfer, there was a noticeable decline in XRP’s price, and the data reveal that this same whale has moved millions of XRP to centralized cryptocurrency exchanges over the past few days.
The Transaction Carried Out by the XRP Whale
Data provided by Whale Alert, a platform that tracks large movements on blockchains and shares them publicly, showed that a wallet address starting with 4wf7e… transferred 25.5 million XRP worth $15.72 million to Luxembourg-based cryptocurrency exchange Bitstamp. This same cryptocurrency whale has attracted attention in the crypto world with this latest transfer, having moved millions of XRP to cryptocurrency exchanges in recent days.
The transfer of high amounts of XRP to Bitstamp coincided with the recent price drop of the altcoin. The transfer of altcoins to cryptocurrency exchanges is often interpreted as a danger signal, indicating an increase in the circulating supply and a decrease in demand.
The Current Price Situation of XRP
At the time this article was prepared, the price of XRP has seen a decrease of 2.59% in the last 24 hours, trading at $0.6093. The latest data show that the altcoin has fallen by 2.34% over the past seven days. Additionally, XRP’s trading volume has risen significantly by 128.08% in the last 24 hours, reaching $1.30 billion.
The recent price drop of the altcoin is being closely monitored as it coincides with an increase in whale activity, where cryptocurrency whales have been moving large amounts of XRP to exchanges.
Furthermore, there are significant developments surrounding the Ripple Labs-backed altcoin. Notably, Ripple CEO Brad Garlinghouse responded positively to comments made by former US Securities and Exchange Commission (SEC) Chairman Jay Clayton about cryptocurrency regulations. Garlinghouse thanked Clayton for his recent supportive statements directed at cryptocurrency entrepreneurs during a Council on Foreign Relations event.