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Whale Alert, one of the largest whale tracking platforms in the world, has recently revealed data showing massive <a href="https://en.coin-turk.com/xrp-price-plummets-as-crypto-market-faces-bloodbath/”>Ripple (XRP) coin transfers to the Bitstamp exchange from an unknown wallet approximately 10 hours ago.
On November 6th, a massive whale movement took place, drawing the attention of traders and investors as the whale address transferred over 28 million XRP coins to the cryptocurrency exchange Bitstamp.
Multimillion Dollar Movement of the Whale
According to Whale Alert, a blockchain monitoring platform, an unknown wallet with the address r4wf7enWPx…5XgwHh4Rzn sent 23.8 million XRP coins worth $15.6 million to Bitstamp today.
As we reported in the previous days, the same wallet had made significant XRP coin transfers to the centralized exchanges Bitstamp and Bitvavo. Over 50 million XRP coins were transferred from the wallet. At the time of writing, over 78 million XRP coins have been sent to CEXs.
In general, the transfer of coins from wallets to exchanges is interpreted as a bearish sign. There is a sense of decline among investors regarding XRP. Furthermore, the transactions made by the unknown wallet indicate the possibility of selling the coins, which could trigger a decline in XRP price.
Whale Transfers, XRP Rises
At the time of writing, there is a significant increase in XRP. Despite Bitcoin‘s stable outlook, XRP has experienced a 7.71% rise in the past four hours, reaching $0.6704 and continuing its upward trend from the previous week. The gradual increase in XRP price can be considered a positive development. The rise is parallel to the community’s efforts for progress.
Despite the whales transferring XRP to centralized exchanges in the past week, the sense of decline in the market seems to be diminishing. Despite the whale movements involving over 78 million XRP in the past two weeks, investors and traders continue to monitor XRP.
This can be attributed to the fact that XRP’s price performance still reflects rumors within the general cryptocurrency market. The cryptocurrency market may be experiencing the impact of the SEC lawsuit and whale movements on XRP price.
