Crypto News – Investors and cryptocurrency traders were interested in whale trades involving the XRP cryptocurrency since whales rearranged about 59 million XRP.
XRP Whale Moves: Price of the Currency Nears $0.70
According to information made public by Whale Alert, on November 9, more than 38 million XRP were transferred via unidentified wallets to centralized exchanges. In addition, over 21 million XRP were transferred to an unidentified wallet from a controlled exchange.
The transactions stated above provide data that indicates XRP millions were transferred to exchanges. This suggests that the overall quantity of tokens in circulation has increased significantly, which could lead to a decline in prices and reflect a bearish market mood.
Ripple Price Slightly Declines
After the recent breakthroughs by the Ripple community, market enthusiasts watching the coin have been speculating a lot due to the large transfers to exchanges and unknown wallets. The price of XRP dropped during the last 24 hours as of this writing, and it is at $0.6562. Despite a slight price increase over the previous day, the weekly surge recovered and increased by over 9.50%. In addition, today’s trading volume of 2.78 billion represented a 38.82% increase.
The previously noted price increase corresponds with Ripple Lab’s involvement in international CBDC initiatives and its recent victorious conflict with the US SEC. The US SEC dropped proceedings against Ripple officials earlier this year, as CoinGape Media reported, which allowed the Ripple community to develop even further.