XRP Price Above Support Attracts Whales: 57 Million XRP Shifted to Exchanges

Crypto News- The XRP cryptocurrency has taken center stage in the ever-evolving realm of digital assets, capturing the imagination of market participants with a significant whale movement on November 29. In a revelation by the blockchain tracking platform Whale Alert, a substantial transfer of 25 million XRP to the prestigious digital asset exchange Bitstamp was unveiled.

XRP Price Above Support Attracts Whales: 57 Million XRP Shifted to Exchanges

Executed by a mysterious wallet with the address (r4wf7enWPx…5XgwHh4Rzn), this transaction amounted to an impressive $15.19 million at the time of disclosure. Notably, this particular wallet has been consistently directing substantial amounts of XRP towards various Centralized Exchanges (CEXs), such as Bitstamp and Bitso, in recent days.

Simultaneously, another captivating transfer piqued the interest of crypto enthusiasts as an unidentified wallet (rDxfhNRgCD…DC4Ljm7UoP) facilitated the movement of 32.07 million XRP to Bithumb, a well-established cryptocurrency exchange.

The recurrent pattern of these large-scale XRP token transfers to exchanges has sparked concerns within the crypto community regarding a potential surge in the token’s overall supply. This trend implies a conceivable decrease in on-chain demand, given the substantial quantities of XRP being shifted to various trading platforms. However, amidst these concerns, the XRP price exhibited a marginal upswing of 2.08% within the last twenty-four hours, reaching $0.6112. This price surge seems paradoxical in the context of the ongoing transfer of coins to Bitstamp and other exchanges.

A noteworthy aspect of these transactions is the consistent involvement of the wallet (r4wf7enWPx…5XgwHh4Rzn) in transferring XRP to CEXs. The deliberate nature of these transactions and the apparent indifference to market concerns raise intriguing questions about the motivations behind such movements. This prompts speculation about whether these transfers are part of a larger strategy or if they reflect individual actions driven by specific objectives.

Despite the substantial movement of hundreds of millions of XRP to CEXs in recent days, the token has demonstrated a notable upward trend. Over the past seven days, XRP has recorded a 3.13% increase in price, with a monthly gain of 12.20%. This positive price momentum, juxtaposed with the increased token supply on exchanges, introduces a layer of complexity to the broader crypto markets.

The contrast between the heightened token supply on exchanges and the rising XRP price adds an element of intrigue to the intricate dynamics of the crypto space. It encourages thoughtful consideration of the intricate interplay between whale movements, on-chain dynamics, and overall market sentiment. Consequently, market participants are on the edge of their seats, eagerly anticipating further developments in the XRP ecosystem, hoping for insights that could illuminate the motives behind these significant transactions and their potential ramifications for the broader cryptocurrency market.

Specialist Highlights Ripple’s Monthly XRP Sales as Evidence of ‘Suppressed’ XRP Price

Recently, the pro-XRP crypto vlogger known as ‘Jungle Inc’ conducted a survey within the XRP community to gauge opinions on the prevalent belief that XRP’s price is being manipulated or suppressed. The survey, which drew participation from several thousand crypto enthusiasts, revealed that an overwhelming majority of respondents believe that XRP’s price is indeed subject to manipulation.

One notable figure in the XRP community who commented on the poll is Jerry Hall, a crypto YouTuber with a substantial following, including notable figures like attorney John Deaton and Crypto Eri. Hall expressed a long-standing belief in the suppression of XRP’s price, attributing it to Ripple’s monthly market sales. According to him, Ripple orchestrates these sales to fund its business operations, creating a situation where XRP holders are essentially financing Ripple without receiving equivalent support.

In Hall’s words, ‘Bag holders are financing Ripple while Ripple is not financing bag holders.’ This perspective gained traction in the community, prompting discussions on the implications of Ripple’s XRP sales.

The recent quarterly report from Ripple, as reported by Crypto Basic, disclosed the sale of over 0.892 billion XRP in the third quarter of 2023, amounting to a value exceeding $547 million based on XRP’s current market value. Ripple’s total XRP holdings stand at 46.5 billion, with 41.3 billion being inaccessible.