XRP Experiences Significant Whale Activity and Price Fluctuations Amid Ripple Labs’ Developments

XRP Experiences Significant Whale Activity and Price Fluctuations Amid Ripple Labs’ Developments

Crypto News – XRP, the digital currency supported by Ripple Labs, is once again at the forefront of the crypto market buzz, having experienced notable whale activity as of November 27. This surge in interest centers around significant movements of XRP tokens by a prominent whale to a major centralized exchange.

Market insights reveal that this anonymous whale, identified by the wallet address 4wf7enWPx…5XgwHh4Rzn, moved a staggering 25.5 million XRP, amounting to approximately $15.72 million, to Bitstamp, a digital asset exchange based in Luxembourg City. This transaction is part of a series of large-scale transfers made by the same entity to various centralized exchanges (CEXs) in recent days.

This flurry of activity has coincided with a slight dip in XRP’s value. As of this writing, the price of XRP has experienced a modest decline of 1.89% over the last 24 hours, settling at $0.6093. Additionally, over the past week, the token has seen a 1.69% decrease. Despite this, the 24-hour trading volume of XRP has surged by 128.08%, reaching $1.30 billion. This increase in trading volume, juxtaposed with the price decrease, suggests a correlation with the intensified whale activity, as substantial amounts of XRP are being offloaded onto exchanges.

In related developments, Ripple Labs continues to make headlines, particularly with CEO Brad Garlinghouse’s recent public response to former U.S. Securities and Exchange Commission Chair Jay Clayton’s statements on cryptocurrency regulation. Garlinghouse’s comments, shared via a social media post, were in reaction to Clayton’s remarks supporting cryptocurrency entrepreneurs at a Council on Foreign Relations event, underscoring the ongoing dialogue and evolving landscape of cryptocurrency regulation and its impact on market movements.