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The cryptocurrency backed by Ripple Labs, XRP, recently stirred up speculation among crypto market fanatics as the token noted a massive whale activity today. The remarkable whale transaction comes amid the token witnessing a price slump.
Despite the XRP cryptocurrency noting a substantial pump over the past few days, the coin’s price today fell drastically. As of writing, the token’s price slipped below the $0.62 mark on December 11.
However, crypto analysts across the globe appear to be sharing an optimistic POV for the XRP token amid the price slump.
XRP Whale Transaction: In-Depth Analysis
Whale Alert, a platform simplifying blockchain tracking metrics, recently unveiled the data showcasing the enormous XRP transfer. Furthermore, the data disclosed illustrated the transfer of 22.80 million XRP worth $14.95 million today, December 11.
Moreover, according to the data, an unknown wallet, r4wf7enWPx…5XgwHh4Rzn, was noted making the transfer to Bitstamp, a digital asset exchange. As reported by CoinGape media earlier, the same wallet address was noted, making substantial transfers to CEXs in a series of transactions over the past few days.
In addition, the aforementioned transfer of XRP to a CEX amid a price slump sparked immense curiosity among crypto traders and investors. Although the token’s price marked a significant decline today, many crypto analysts globally remain bullish on the XRP future.
The transfer of XRP to Bitstamp has become a regular occurrence ever since Ripple’s substantial stake acquisition in the centralized exchange.
Also read: Crypto Prices Today: BTC, Pepe Coin Slip As BTT Surges Ahead of Inflation Data
XRP Price Slumps
At the time of writing, the XRP price recorded a substantial fall of 0.49% in the past 24 hours, currently at $0.6214. Moreover, the token also marks a marginal ascent of 0.39% over the past week, accompanied by a monthly decrease of 6.81%.
However, what’s intriguing is that crypto analysts worldwide remain bullish on the token despite its price fall.
A prominent crypto analyst, Egrag Crypto, recently shared his views on the XRP cryptocurrency. According to Egrag, the recent flash crash swiftly liquidated many long positions. Moreover, the crash underlines the dynamic nature of the crypto landscape.
However, the analyst stressed the XRP community, proclaiming that the token’s trajectory towards $1.4 remains unchanged. This statement comes forth despite the significant market turbulence witnessed by the token.
In addition, another crypto analyst, Cryptoes, recently shed light on the XRP cryptocurrency’s closing above the launchpad level. Furthermore, Cryptoes strains that the Ripple-backed cryptocurrency, as before, is bound to fuel optimism within the broader crypto market if history repeats.
Also read: London-based Pension Fund Invests $20 Million in Crypto Derivatives Platform
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