Whale Moves 24 Mln XRP To Exchange Amid XRP Price Rally

Whale Alert, one of the world’s leading blockchain tracking platforms, recently unveiled data showcasing whopping Ripple(XRP) token transfers made via an unknown wallet to a centralized exchange named, Bitstamp.

As of today, November 6, the colossal whale movement caught the eyes of traders and investors alike, as it recently transferred over 28 million XRP tokens to Bitstamp, a digital asset exchange headquartered in Luxemburg city, Europe.

Whale Reshuffling Millions Of XRP Tokens

According to the recent market data revealed by the blockchain tracking platform Whale Alert, an unknown wallet, r4wf7enWPx…5XgwHh4Rzn, today transferred a whopping 23.8 million XRP tokens amounting to over $15.60 million to Bitstamp.

Moreover, as reported by Coingape media earlier this month, the same wallet made massive XRP token transfers to centralized exchanges Bitstamp and Bitvavo, transferring over 50 million XRP tokens. As of writing, the wallet has transferred more than 78 million XRP tokens to CEXs.

The aforementioned whale transfers to centralized exchanges indicate that the market exhibits a bearish sentiment revolving around Ripple XRP tokens. In addition, the series of transactions that were made by the unknown wallet r4wf7enWPx…5XgwHh4Rzn portrays that there might be a possible sell-off of the tokens, resulting in a slump in the overall XRP price.

Also read: XRP Price Approaches $0.70 With Whale Wallets Holdings At 2023 High

XRP Price Jumps While Whale Transfers Remain Unceasing

As of today, November 6, the XRP price witnessed substantial gains and surged 7.71% in the past 24 hours to $0.6704, along with a massive gain in the past week. As of writing, the XRP price was up by 21.73% over the past week.

The gradual surge in the XRP price comes in alignment with the recent advancements made by the community to build up support for the token.

Despite whales dumping XRP tokens to centralized exchanges, the possible sentiment of a bearish market continues to subside. Although colossal whale transfers amounting to over XRP 78 million have been made to date, investors and traders continue to eye the token as its performance in the broader market still remains a subject for speculation.

Moreover, the optimism grows in the Ripple vs. SEC case as Jeremy Hogan, attorney and partner at Hogan & Hogan, cracked down on the case on Sunday, November 5.

Also read: Bitcoin Price Rally to Start Soon As Fed Interest Rate Cuts Expected By March 24