Crypto News

Whale Dumps $31 Mln In XRP To Exchanges, Nosedive Below $0.6?

According to market charts revealed by Whale Alert, an unknown wallet recently transferred millions of XRP tokens to centralized exchanges.

Published by

Coingapestaff

Updated 03 Nov, 2023 | 09:36:47 AM UTC

Whale Dumps $31 Mln In XRP To Exchanges, Nosedive Below $0.6?

According to recent market data revealed by Whale Alert, one of the world’s leading blockchain trackers, an unknown wallet recently transferred colossal amounts of XRP tokens to centralized exchanges (CEX) Bitstamp and Bitso.

The massive whale movement caught the eyes of investors and traders alike as it transferred over 50 million XRP tokens to two different CEXs on November 3, 2023.

XRP Whale Transferring Millions To CEXs

Today, in a series of transactions, an unknown wallet, 4wf7enWPx…5XgwHh4Rzn, transferred a whopping 25.4 million XRP tokens, amounting to over $15.42 million, to Bitso, a digital asset exchange platform. In addition, the same wallet address further transferred millions of XRP tokens to Bitstamp, another cryptocurrency exchange platform. As of writing, the wallet sent another 25.4 million XRP tokens, equivalent to about $15.42 million, to Bitstamp.

The aforestated transactions made by whale accounts to centralized exchanges indicate that there might be a possible sell-off of the cryptocurrency tokens, resulting in a slump in the XRP price.

Also read: US SEC Requests Summary Judgment Against Terra And Do Kwon

XRP Price Slumps Today But Gains Substantial Traction Over The Week

The XRP price witnessed substantial gains and surged almost 8.89% over the past week, although its current price is marginally down by 1.25%, reaching $0.6003. The gradual surge in the XRP price over the past week comes in alignment with the recent advancements made by Ripple Labs to continue building up support for the community.

As reported by Coingape Media earlier today, Ripple announced plans to strategically join hands with the National Bank of Georgia, advancing the pilot on Digital Lari. The upcoming partnership may bring out a positive outlook for the future, although the XRP price is comparatively low today.

The phenomenon of whales reshuffling XRP tokens has become quite common over the past few days as the community is continuously jacking up support for the token. Investors and traders are eyeing an upward trend with recent XRP transactions reported on Whale Alert.

Also read: Cathie Wood Bets on Bitcoin Amid Market Woes, Know More Here

Coingapestaff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Published by

Coingapestaff

Updated 03 Nov, 2023 | 09:36:47 AM

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