XRP, one of the top five cryptocurrencies by global market value, created speculative excitement among crypto investors following a significant whale transfer to a centralized exchange on Wednesday.
Whale Activity in Ripple
The whale transaction in the orbit of the Ripple-backed token occurred during a period of price decline and garnered notable interest in the broader cryptocurrency market. The price drop of XRP is also in line with the current market sentiment. Moreover, it is reported today that the global crypto market is on a downtrend, which could be the opposite of rally concepts. Additionally, a leading cryptocurrency analyst made significant remarks about the token’s future market performance, drawing attention to XRP’s trajectory.
A significant whale transaction transferring 22 million XRP worth $13.32 million to Bitstamp emerged today, December 20th. Data facilitated by Whale Alert triggered a great sense of curiosity among crypto market investors with the price of XRP in the middle.
According to the data, a wallet with an unknown name transferring to a Luxembourg-based crypto exchange was recorded. As previously reported, the same wallet address appears to have transferred massive amounts of XRP to Bitstamp. Moreover, the whale in the orbit of XRP mentioned above has positioned itself as a recurring phenomenon in recent days. This situation seems to be primarily attributed to Ripple’s strategic stake purchase at Bitstamp on the CEX.
Expert Opinion on XRP
Meanwhile, the price drop of XRP to the CEX coincides with the price drop recorded by the token today, leading to further speculation in the crypto space. At the time of writing, the XRP price has recorded a slight decrease of 0.63% in the last 24 hours. The token’s current price is at the level of $0.6096, which seems to be contributing to the downward trend in the broader crypto market.
However, contrary to the price drop recorded by the token today, a famous cryptocurrency analyst has different views. XRP Whale, a distinguished crypto analyst, claims that the token is about to rise rapidly. In addition, the analyst seemed to maintain a bullish expectation for the token in a series of posts related to X and also declared that XRP was about to explode.
