Whale Dumps Over 25 Mln XRP Amid A Price Slump
XRP, a Ripple Labs-backed cryptocurrency, is once again creating a buzz within the world of cryptocurrencies as it witnessed significant whale activity as of today, November 27.
According to recent market data orbiting around the Ripple-backed cryptocurrency, an XRP whale transferred colossal amounts of XRP to a centralized exchange.
Furthermore, the same whale has been observed transferring millions of XRP to CEXs in a series of transactions over the past few days.
Subsequently, the XRP price also witnessed a marginal plunge over the past day as of writing.
XRP Whale Activity Report For Today
As per the data provided by Whale Alert, a blockchain tracking platform, an unknown wallet, 4wf7enWPx…5XgwHh4Rzn, transferred 25.5 million XRP to Bitstamp, a Luxembourg City-based digital asset exchange today. The amount of tokens transferred to Bitstamp totaled $15.72 million at the time of writing.
As reported by CoinGape media earlier, the same whale has amassed substantial attention within the cryptocurrency realm as it transferred millions of XRP to exchanges over the past few days.
Furthermore, the dumping of massive amounts of XRP to Bitstamp appears to come concurrent with the recent price fall witnessed by the token. The dumping of tokens to exchanges usually portrays a possible increase in supply, resulting in reduced demand for the cryptocurrency.
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XRP Price Evaluation
At the time of writing, the XRP price witnessed a marginal downfall of 1.89% over the past twenty-four hours, reaching $0.6093. Moreover, the token witnessed a 1.69% decrease over the past seven days.
However, the twenty-four-hour trading volume saw a notable increase of 128.08%, evaluating $1.30 billion.
The mentioned decline in price appears to coincide with a notable increase in whale activity, as substantial amounts of XRP are being dumped onto exchanges.
Furthermore, in recent news revolving around the cryptocurrency backed by Ripple Labs, Brad Garlinghouse, the CEO of Ripple, shared his insights in a social media post in response to the comments made by former U.S. Securities and Exchange Commission Chair Jay Clayton about cryptocurrency regulation. Garlinghouse’s reaction was prompted by Clayton’s recent supportive remarks toward cryptocurrency entrepreneurs during a Council on Foreign Relations event.
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