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XRP, one of the top 5 cryptocurrencies by global market cap, stirred a whirlpool of speculative buzz among crypto traders and investors on Wednesday following a substantial whale transfer to a centralized exchange. The whale transaction orbiting the Ripple-backed token comes amid a price slump witnessed by it, gaining noteworthy traction within the broader crypto market.
Also, the price slump noted by XRP falls in line with the current market sentiments, as the global crypto market cap today was reported to be in a dip, coming in contrast to the notions of a Santa Claus rally. Moreover, a prominent crypto analyst shared noteworthy remarks orbiting XRP, spotlighting the token’s future market performance.
Whale Dumps XRP To Bitstamp
A significant whale transaction to Bitstamp, transferring 22 million XRP, worth $13.32 million, surfaced on the crypto horizon today, December 20. The data, facilitated by Whale Alert, prompted an immense sense of curiosity among crypto market fanatics as it came amid XRP’s price drop.
According to the data, an unknown wallet, r4wf7enWPx…5XgwHh4Rzn, was recorded, making the transfer to a Luxembourg City-based crypto exchange. The same wallet address, as previously reported, seems to have transferred colossal amounts of XRP to Bitstamp. Moreover, the whale saga orbiting XRP with the wallet mentioned above has positioned itself as a recurring phenomenon in recent days. This appears to be primarily attributed to Ripple’s strategic stake acquisition in the CEX, Bitstamp.
Meanwhile, the dumping of XRP to CEX also coincides with the price fall noted by the token today, fueling further speculations within the crypto space.
Also read: Ethereum (ETH) Price Gearing Up for 20% Rally Amid Strong Exchange Outflows
XRP Price Falls
As of writing, the XRP price marked a slight dip in its trajectory, dropping 0.63% in the past 24 hours. With the current price resting at $0.6096, the token seems to be amassing bearish sentiments within the broader crypto market.
However, in contrast to the price dip noted by the token today, a renowned crypto analyst shares sentiments otherwise. XRP Whale, an eminent crypto analyst, claims that the token the token is about to pump hard. Furthermore, the analyst seemed to remain bullish on the token in a series of posts on X, further proclaiming that XRP is about to explode.
In addition, Ripple recently got amalgamated as a Virtual Asset Service Provider (VASP) in the Central Bank of Ireland, hinting further growth for XRP within the crypto market.
Also read: Current Vechain (VET) Price Breakout Opens Up Gates for 150% Rally Ahead
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