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As of November 21, the XRP cryptocurrency has once again caught the attention of crypto enthusiasts, as whales have reshuffled a massive amount of tokens within the past twenty-four hours. Three whale movements, transferring tokens to CEX and unknown wallets, revolving around the XRP cryptocurrency, have garnered significant attention in the broader crypto markets. Simultaneously, the XRP price has experienced a marginal decline at the time of writing.
XRP Whale Transactions
According to data provided by Whale Alert, a blockchain tracking platform, three major whale movements have caught attention within the past twenty-four hours regarding XRP investments.
In particular, the first whale movement that has attracted the attention of crypto traders and investors transferred 90 million XRP tokens from Ripple, a leading payment network and currency exchange, to an unknown wallet with the address rJqiMb94hy…W8AzELa8nE. The transferred tokens were valued at $55.24 million at the time of writing.
Additionally, another whale transaction that drew the attention of crypto enthusiasts involved the transfer of 85 million XRP from the unknown wallet rJqiMb94hy…W8AzELa8nE to another unknown wallet with the address rP4X2hTa7A…7XZ63sKxv3. The transferred amount was equivalent to $51.99 million.
In addition to the transfer of tokens to unknown wallets mentioned above, a significant whale that transferred XRP to a CEX also caught the attention of crypto market participants. The wallet named r4wf7enWPx…5XgwHh4Rzn transferred 25.50 million XRP to the renowned cryptocurrency exchange Bitstamp.
As reported by us for days, the same wallet sending millions of XRP to centralized exchanges has piqued the curiosity among traders and investors. The two-way movement of XRP on exchanges raises questions about XRP’s tokenomics in broader market conditions.
Whale Impact on XRP Price
At the time of writing, the XRP price reached $0.61392 with a relatively modest increase of 0.23% within twenty-four hours. Additionally, the token price experienced a significant decline of 8.13% in the past week.
While whales continue to accumulate XRP, data indicates a movement in the token’s market structure. Furthermore, analyst Dark Defender, who has garnered attention for his comments on the X app, claimed that XRP may have completed preparations for an upcoming recovery.
