Leading altcoin XRP, has been drawing attention in the cryptocurrency world due to recent high whale activity. This situation is causing a strong wave of speculation for the altcoin. According to on-chain data revealed by Whale Alert, which reports large movements on blockchains, a crypto whale recently moved 26.8 million XRP. This activity has led to speculation.
Whale Transfers 26.8 Million XRP to Exchange
Whale Alert‘s latest on-chain data indicates that a whale-level anonymous wallet address starting with r4wf… has today transferred 26.8 million XRP to a centralized cryptocurrency exchange (CEX). Looking at the details of the transfer, it appears that XRP worth 14.75 million dollars was moved to the Luxembourg-based cryptocurrency exchange Bitstamp.
The fact that the wallet address has been moving similar amounts of XRP to the Bitstamp exchange amidst recent price drops is drawing the attention of cryptocurrency investors. Moreover, the crypto whale’s transfers to Bitstamp are becoming more significant as they follow Ripple‘s recent strategic share buyback on the cryptocurrency exchange.
Market observers are focusing on the fact that the altcoin’s price continues to fall while the crypto whale continues and may continue to sell.
Current Situation of XRP’s Price
The price of XRP, issued by Ripple, has seen a 2.34% decrease in the last 24 hours, trading at $0.5389. The altcoin’s 12.61% drop over the weekly timeframe is noteworthy.
Interestingly, the cryptocurrency exchange’s transfers of XRP to Bitstamp coincided with today’s price drop. Additionally, the altcoin’s market value and trading volume also significantly decreased today.
However, closely followed cryptocurrency analyst XRP Whale made a contrarian comment despite the downturn. The analyst made a striking statement suggesting that February will be a great month for the Ripple-backed altcoin.