Crypto News – Since the token reported significant whale activity today, XRP, the cryptocurrency backed by Ripple Labs, has caused speculation among cryptocurrency market enthusiasts. The token’s price has dropped, coinciding with the whale transaction.
XRP Whale Moves Into Action and Dumps 23 Million XRP
Today’s price drop for XRP was sharp, even though the cryptocurrency has seen a significant surge in value over the previous few days. When this article was written on December 11, the token’s price had fallen below $0.6214. Even so, despite the XRP token’s current price decline, cryptocurrency analysts seem to have a positive outlook on it.
The data demonstrating the massive XRP transfer was recently released by Whale Alert, a company that streamlines blockchain tracking analytics. Additionally, the information released showed that on December 11, 22.80 million XRP, valued at $14.95 million, were transferred.
Additionally, the evidence indicates that a wallet with the address r4wf7enWPx…5XgwHh4Rzn was observed transferring funds to Bitstamp, a digital asset exchange. The same wallet address was observed transferring a significant amount of money to CEXs in a string of transactions over the last few days, as previously reported.
Analysts Still Hopeful For XRP
As of this writing, XRP is trading at $0.6216, having witnessed a significant decline of 5.89% over the previous day. To top it off, the token has slightly increased in value over the last week by 0.92% while declining 6.81% for the month. Strangely enough, though, despite the token’s decline in value, cryptocurrency analysts throughout the globe continue to be optimistic about it.
Recent comments on the XRP cryptocurrency were made by well-known crypto analyst Egrag Crypto. Many long bets were quickly liquidated in the latest flash drop, according to Egrag. The crash also highlights how constantly changing the cryptocurrency market is. The expert emphasized the importance of the XRP community, stating that the token’s trajectory towards $1.4 is unaltered.
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