XRP Whale Dumps Over 50 Mln XRP As Price Slips Below $0.58, What’s Next?

XRP, one of the most popular cryptocurrencies fostered by Ripple Labs, curates a hurricane of speculations across the crypto realm today as the token recorded significant whale transfers to a CEX recently. Intriguingly, these whale transactions have stirred a whirlpool of inferences among crypto market enthusiasts globally following their emergence amid the token’s price drop.

Moreover, as per on-chain data sailing through the vastness of crypto, two significant whale transactions appear to have evoked noteworthy interest. These transactions showcased the relocation of nearly 50 million XRP to CEXs.

Meanwhile, renowned crypto analysts further spotlighted the token’s present market dynamics, garnering further inferences for the token.

Whale Dumps XRP To CEXs

According to the data revealed by blockchain tracking platform Whale Alert, the two transactions that caught global attention showcased the shifting of a whopping 50.7 million XRP to CEXs, Bitstamp and Bitso.

The first on-chain transaction illustrated the transfer of 26 million XRP to Bitso, whereas the second highlighted the move of 24.7 million XRP to Bitstamp.

Notably, both the transfers mentioned above took place via the same wallet address, r4wf7enWPx…5XgwHh4Rzn. Furthermore, as reported by CoinGape Media earlier, the same address was also recorded, making similar noteworthy transfers in recent days.

Meanwhile, the transfer of XRP to Bitstamp and Bitso through the same address is now emerging as a recurring phenomenon within the crypto landscape. This may be primarily attributed to Ripple Lab’s strategic stake acquisition in the abovementioned CEXs.

Also Read: Bitcoin Halving Nears 100 Day Countdown; BTC Price Rally To Begin?

XRP Price Tumbles

As of writing, the XRP price chart showcased a fall of 1.01% over the past 24 hours and is currently trading at $0.5769. Moreover, this fall was further accompanied by a weekly down surge of 8.76% and a monthly drop of 7.07%.

Meanwhile, amid the token’s constant drop recently, a crypto analyst going by the name XRP Captain shed light on the token’s performance in 2017 and compared it to its current market dynamics. According to XRP Captain, a potential 100x surge for the Ripple-backed token lies shortly ahead, propelling market optimism. However, remarkably, according to another crypto analyst, Cryptoes, a weekly close above the blue area remains of utmost importance for XRP, fueling further inferences for the token.

Also Read: Crypto Prices Today: Bitcoin Price (BTC) Recovers, PEPE Drops, Aptos (APT) Rallies 16%