XRP, one of the leading altcoins in the market, seems to have once again caught the attention of all investors today (November 28) due to the increase in whale activity surrounding the token. The whale activity continues to send tokens to central exchanges and unknown wallets at the same time.
XRP Whale Activities: A Closer Look
While whale movements are occurring, the XRP price has also hosted slight price drops, perhaps due to this increase in activity. According to data announced by the platform Whale Alert, which tracks the movements of whales transacting on the Blockchain, two large transactions occurred today.
In two transactions that closely concern market watchers, about 9 hours ago, 80 million XRP were sent from Ripple to an unknown wallet. It was mentioned that the unknown wallet address JqiMb94hy…W8AzELa8nE received the mentioned coins from another wallet in Ripple and they were valued at $48.11 million.
Moreover, these transfers, which have been the subject of our news before, could also reflect a potential decrease in circulating supply. Consequently, a price increase could have occurred. However, despite this, the XRP price is moving in the opposite direction.
In the second XRP transaction that took place, 26.70 million XRP were transferred to Bitstamp. According to the data, the transfer was made from an unknown wallet with the address r4wf7enWPx…5XgwHh4Rzn, and it took place approximately ten hours ago. The current value of these tokens sent to Bitstamp was $15.97 million at the time of writing.
XRP Price Report
As of the time this article was written, the XRP price experienced a 0.1% price movement in the last twenty-four hours and is trading at $0.6033. Additionally, the cryptocurrency, which experienced a sharp rise in the past weeks, hosted a small decline of 1.29% over the past week.
Simultaneous to the price drop, XRP’s twenty-four-hour trading volume also saw a decrease, shrinking by a clear rate of 24.84%. This contraction resulted in a value of $1.06 billion.
The price drop occurs despite the community’s efforts. The community seems to have been unsuccessful in their attempts to elevate the XRP tokenomics despite their efforts. Recent news around Ripple highlights a partnership formed with MasterCard and centered around XRPL Labs.
- Increased whale activity impacts XRP.
- Large transactions hint at supply shifts.
- XRP’s price defies community efforts.