XRP, a cryptocurrency jacked up by Ripple Labs, once again appears to be creating a sense of frenzy within the cryptocurrency universe following the increase in whale activity orbiting around the token today, November 28.
The whale activity encompassed two significant transactions, transferring tokens to centralized exchanges and unknown wallets simultaneously.
Concurrently, the XRP price also noted slight price falls, subsequent to the surge in whale movements. Despite the ripple community’s ongoing efforts to build up support for their token, the price fall portrays market sentiments on the contrary.
As per the data unveiled by Whale Alert, a platform offering blockchain tracking metrics, two massive transactions occurred today.
The first transaction that enticed market enthusiasts moved a whopping 80 million XRP from Ripple to an unknown wallet approximately 9 hours ago. Reportedly, the unknown wallet address, JqiMb94hy…W8AzELa8nE, received these funds from a wallet on Ripple, amounting to $48.11 million. Besides, the prior stated transfer indicates a potential decrease in the circulation supply, which should have resulted in a price surge. However, today’s XRP price seems otherwise.
Furthermore, the second transaction that gained significant attention within the broader crypto markets transferred 26.70 million XRP to Bitstamp, a Luxembourg City-based digital asset exchange. As per the data, the unknown wallet, r4wf7enWPx…5XgwHh4Rzn, made the transfer approximately ten hours ago. The amount of tokens transferred to Bitstamp totaled $15.97 million at the time of writing.
As reported by CoinGape media earlier, the same wallet has been noted transferring over hundreds of millions of XRP to CEXs like Bitstamp and Bitso in a series of transactions over the past few days. These transfers of tokens to exchanges hint toward a possible surge in supply, thereby reducing the demand. The price fall witnessed by the token appears to fall in line with the recent dumping of tokens to exchanges.
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At the time of writing, the XRP price witnessed a marginal downfall of 0.75% in the past twenty-four hours, reaching $0.6018 today. Furthermore, the cryptocurrency also witnessed a slight fall of 1.29% over the past week.
Concurrent with its price fall, the twenty-four-hour trading volume for the XRP cryptocurrency also witnessed a substantial decrease of 24.84%, evaluating $1.06 billion.
The price fall appears to come despite the community’s efforts to jack up the XRP tokenomics. In recent news revolving around the Ripple community, Wietse Wind, the founder of XRPL Labs and the Xumm Wallet, recently pointed out an innovative partnership with MasterCard. The partnership eyes the integration of Mastercard debit cards into the XRPL wallet to foster and revolutionize the way XRP is used.
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