Recently, a substantial transfer of 24 million XRP tokens, valued at $14.88 million, was executed by a whale, as reported by the crypto transfer alert platform, Whale Alert. This significant movement took place between an undisclosed wallet and the well-known crypto exchange Bitstamp.
XRP Market Turbulence: Massive Whale Transfer of 24 Million XRP Coincides with Prices Falling Below 0.62 Dollars — What to Anticipate Next?
Remarkably, the transaction incurred minimal XRP gas fees, with the whale paying a mere 0.000015 XRP to facilitate the trade. This marks the second whale transaction in the past 24 hours, following a similar occurrence on December 4, when an equivalent amount of tokens (24.2 million XRP) was transferred to Bitstamp.
These consecutive whale movements have spurred speculation among XRP holders regarding potential manipulation of the XRP market, leading to surges or dumps. The recent rally in XRP, driven by the crypto bull market and heightened optimism, briefly propelled its value above $0.60.
However, the rally proved short-lived, attributed to several factors, notably the lack of institutional interest. Investors redirected their focus towards Bitcoin and Ethereum, resulting in increased outflows and liquidations that contributed to the subsequent price slump.
Despite the market fluctuations, there is a positive trend in the increasing number of XRP holders. Santiment reports that the total number of XRP holders has surpassed 4.88 million, indicating sustained investor interest in XRP despite the recent market challenges.
Leave a comment