XRP Whale Moves 45 Mln XRP As Price Plunges, What’s Happening?

Coingapestaff
December 8, 2023
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XRP Price Prediction

The Ripple Labs-backed cryptocurrency, XRP, jotted down significant whale transactions as of today, December 8. Interestingly, the colossal amounts of XRP transferred gained noteworthy attention within the cryptocurrency universe as the U.S. recently announced plans to jack up and promote blockchain technology.

Moreover, the buzz created by the Ripple-backed cryptocurrency also appears to be attributed to an analyst predicting a promising future for the token. Meanwhile, the token witnessed numerous whale transactions over the past few days, wherein the cryptocurrency noted whales reshuffling millions of coins to different exchanges.

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Whales Move XRP To CEXs Amid U.S. Blockchain Bill Push

Whale Alert, a platform mapping out blockchain tracking metrics, recently showcased data orbiting XRP transfers. The data offered by Whale Alert depicts the transfer of 44.8 million XRP to Bitstamp and Bitso.

As per the data, the unknown wallet, r4wf7enWPx…5XgwHh4Rzn, recorded two massive transactions, dumping XRP to exchanges recently. Relating to this, the above-mentioned wallet relocated 22.80 million XRP, worth $14.42 million, to Bitstamp. Furthermore, this was escorted by another transaction, transferring 24 million XRP, evaluating $15.18 million, to Bitso.

The transfer of XRP to exchanges comes amid the recent news of the U.S. unveiling plans to promote the adoption of blockchain-related services and technology. According to a recent statement by the 118th United States Congress, the Secretary of Commerce was appealed to take necessary and appropriate actions orbiting the use and promotion of blockchain-related activities.

Intriguingly, the request was accepted by the 118th Congress, resulting in the approval of the bill named ‘Deploying American Blockchains Act of 2023’. This bill encompassed a variety of blockchain-related activities, including payments and ledger-related services, proving beneficial for Ripple, as the firm positions itself as a global payments network.

Also read: Tesla CEO Elon Musk Takes On US SEC In Supreme Court Battle

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XRP Price Plunges

As of writing, the XRP price recorded a marginal fall of 0.53% in the past 24 hours and currently stands at $0.6447. However, the token showcases a surge of 5.72% over the past week.

The price plunge witnessed by the token today comes contrary to the recent remarks made by one of the leading analysts, Cryptoes.

Cryptoes, recently stated that the XRP daily cup and handle pattern appears to gradually progressing. Moreover, the analyst also shed light on the XRP cryptocurrency reflecting bullish market sentiments in the near future. Despite these remarks, the token’s price today was in the red.

xrp analyst

Additionally, in the midst of the U.S. approval of a blockchain-specific bill, the XRP price became conflicting as it experienced a plunge. Besides, the plunge in the token’s price may be attributed to the recent XRP dumps to CEXs, prompting an increase in the circulation supply.

Also read: Fidelity Spot Bitcoin ETF Added To Active ETF And Pre-Launch List

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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.
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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.