Whale Dumps Over 42 Mln XRP, Is A Pullback To $0.60 Ahead?

Ripple Lab’s cryptocurrency, XRP, is once again gaining noteworthy traction within the crypto realm as the token observed substantial whale transactions today, Friday. Moreover, as the whale transactions come amid a price surge witnessed by the Ripple-backed token, crypto traders and investors appear to be eyeing the digital currency extensively.

Notably, on-chain data highlighted the recent transfer of over 42 million XRP to CEXs in a couple of transactions.

However, in contrast to the price jump witnessed by Ripple-backed token today, a renowned crypto analyst shared sentiments on the matter in a contrary way.

XRP Whale Transactions: In-Depth Report

According to the data unveiled by Whale Alert, a platform simplifying blockchain metrics, two substantial whale transfers took place today, December 15. As the data surfaced within the broader crypto market, a torrent of speculative buzz birthed orbiting XRP amid its price upsurge.

Moreover, as per the data, an unknown wallet, r4wf7enWPx…5XgwHh4Rzn, was noted to make two significant transfers. The transfer of XRP to CEXs Bitstamp and Bitso collectively evaluated the shifting of a whopping 42.6 million XRP coins.

Furthermore, aligning with the data, the prior-stated wallet was registered, transferring 24.1 million XRP, worth $15.09 million, to Bitstamp. This transaction was further escorted by another substantial transfer, shifting 18.5 million XRP, worth $11.61 million, to Bitso.

As reported by CoinGape Media earlier, the same wallet has been observed reallocating nearly hundreds of millions of XRP to CEXs Bitstamp and Bitso recently. This comes as a result of Ripple’s recent acquisition in the above-mentioned cryptocurrency exchanges.

Also read: Here’s What the Bitcoin Options Expiry Data Tells of the BTC Price Movement Ahead

XRP Price Jump Continues

As of writing, the XRP price recorded a marginal jump of 0.77% in the past 24 hours, reaching $0.6323. Intriguingly, the token appears to have maintained its upward trajectory compared to yesterday’s market performance.

Moreover, the 24-hour trading volume also remarked a substantial increase of 10.49%, evaluating $1.54 billion.

However, contrary to the price jump witnessed by the token, an eminent crypto analyst shared sentiments otherwise. According to analyst Egrag Crytpo, sooner or later, the XRP price is bound to crash to a level that will cause a calamity within the Ripple community. He further stresses the need for the community to prepare for the significant drop, highlighting it may come sooner than anticipated.

In addition, Binance, a leading cryptocurrency exchange, also announced plans to delist the XRP liquidity pool by December 22, propelling further speculations.

Also read: Binance Delists Multiple XRP, ADA, SOL, MATIC & Other Top Liquidity Pools