XRP Price Runs Toward $0.63 Mark Amid Whale Moving 43 Mln XRP

Coingapestaff
December 14, 2023
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XRP Whale Offloads 26 Mln Tokens, Price Decline To Continue?

XRP, one of the top five cryptocurrencies by market cap, sparked immense curiosity within the crypto realm as the token noted noteworthy whale transactions on Thursday. Moreover, whale transactions amid the price upswing indicated by the token today birthed a cyclone of speculations across the broader crypto market.

In alignment with the price jump witnessed by the Ripple-backed cryptocurrency, a prominent crypto analyst also conveyed opinions on the token’s market performance.

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XRP Whale Transfers Funds To CEXs

Whale Alert, a platform offering blockchain data, unveiled two substantial XRP whale transactions today, December 14.

According to the data, an unknown wallet transferred 42.8 million XRP to two different CEXs, Bitstamp and Bitso. The anonymous wallet, r4wf7enWPx…5XgwHh4Rzn, moved 24.6 million XRP to Bitstamp, while in another transfer, moved 18.2 million XRP to Bitso. The amount of tokens transferred to Bitstamp totaled $15.28 million, while the transfer to Bitso was evaluated as $11.30 million.

XRP transfers to Bitstamp and Bitso seem to have emerged as a recurring phenomenon ever since the CEXs announced plans to partner with Ripple Labs, the company behind XRP.

In addition, the aforestated whale transactions come amid the price jump witnessed by the token in the past 24 hours. Simultaneously, these transactions created a tidal wave of speculations among crypto market enthusiasts as the token once again surpassed the $0.62 mark.

Also read: Russia Plans to Export Crypto Like Natural Gas, Will They Legalize It?

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Price Jumps Beyond The $0.62 Mark

As of writing, the XRP price recorded a marginal jump of 2.87%, currently trading at $0.6245. Although a slight increase, the price trajectory appears to be gaining significant traction within the broader crypto market as the token recently traded as low as $0.5989.

Moreover, XRP’s price bump was further accompanied by a slight increase of 2.89% in the token’s market cap.

However, a renowned crypto analyst further stressed the marginal jump witnessed by the Ripple-backed cryptocurrency. The analyst, Cryptoes, conveyed how the closing portrayed by XRP was less convincing, hovering just above the 21MA. He further stressed how the market impact illustrated by the token remained of minor importance.

Besides, amid the weekly down surge and monthly drop witnessed by the token, the current rise appears to have gained noteworthy interest.

Also read: Crypto Prices Today: BTC, Pepe Coin, BONK Rally After FOMC

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.