XRP, a Ripple Labs-backed cryptocurrency, once again gains noteworthy traction within the broader crypto market as the token recorded a massive whale activity on Tuesday. The Whale transfer curated a cyclone of suppositions among crypto market enthusiasts as it came amid a price hop noted by the token.
Notably, the XRP whale was observed transferring the coins to a centralized exchange, Bitstamp.
Meanwhile, a well-known crypto analyst shared his views on XRP’s current market performance, stressing the token’s significant pump in the near future.
According to the data unveiled by Whale Alert, a platform streamlining on-chain metrics, an XRP whale dumped 26.2 Mln XRP to Bitstamp today, December 19. The amount of XRP transferred to Bitstamp is evaluated as $15.83 million as of writing.
Intriguingly, the transfer of tokens to a CEX hints toward an increase in the token’s circulation supply. However, despite the noteworthy transfer to Bitstamp, the Ripple-backed token is conversely recording an upward price trajectory. This demonstrates that the token is witnessing an upsurge in demand, further aligning with XRP’s jump in market cap and trading volume today.
Moreover, the transfer of XRP to Bitstamp by the same wallet address is emerging as an evergreen echo within the crypto space following Ripple’s strategic stake acquisition in the CEX. Intriguingly, as reported by CoinGape Media earlier, the above-mentioned wallet address was registered, making similar transfers to Bitstamp in recent days.
Also read: Unregulated Crypto Market Resembles Pre-Securities Act Stock Trading: Bloomberg Analyst
As of writing, the XRP price recorded a marginal increase of 0.98% and is currently resting at $0.6115. Moreover, a noteworthy surge of 54.02% in the token’s 24-hour trading volume further embraced this price upswing.
However, the weekly trajectory portrayed by the token denoted a fall of 1.65%.
In contrast to the price drop witnessed by the token over the past week, a prominent crypto analyst, XRP whale, cracked down on the matter. Notably, the analyst shared trading charts orbiting the Ripple-backed cryptocurrency, shedding light on the fact that the token held its support level. He further proclaims that the token seems to be ready to pump hard, aligning with the current market performance.
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