XRP Whales Shift 127 Mln XRP As Price Nosedives Below $0.56, What’s Happening?

XRP, an eminent cryptocurrency backed by Ripple Labs, once again curated a cyclone of speculative buzz across the global crypto landscape on Monday following significant whale transfers noted by the token. As per recent on-chain data unveiled by a blockchain tracking platform, the Ripple-backed appears to have noted the shifting of a whopping 126.7 million coins over the past 24 hours.

Moreover, as whale transactions surfaced within the market amid a price drop noted by the token, crypto market fanatics seem to be extensively eyeing XRP’s market dynamics. Meanwhile, a renowned crypto analyst further shed light on XRP’s current market performance, fueling additional inferences for the token.

XRP Whale Transactions: A Detailed Report

According to the blockchain tracking platform Whale Alert, two noteworthy transactions collectively shuffled 126.7 million XRP today, January 8. Furthermore, these amounts were shifted between unknown wallets and a CEX.

Notably, the first transaction that piqued traders’ interest globally illustrated moving 26.7 million XRP to Bitstamp, a Luxembourg City-based crypto exchange. Meanwhile, the second transaction showcased the shifting of 100 million XRP from Ripple to an unknown wallet.

As per the data, an unknown wallet, r4wf7enWPx…5XgwHh4Rzn, was noted transferring the aforestated amount to Bitstamp. Whereas, the transfer from Ripple was made to the unknown wallet, rP4X2hTa7A…7XZ63sKxv3.

Intriguingly, the number of coins transferred totaled $71.39 million as of writing, fueling noteworthy concerns among crypto market enthusiasts.

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XRP Price Topples

At the time of writing, the XRP price showcased a fall of 1.60% over the past twenty-four hours and is currently trading at $0.5589. Moreover, this fall was further accompanied by a weekly plunge of 8.55% and a monthly drop of 13.47%.

Aligning with this, crypto analyst Cryptoes further spotlighted the XRP’s bearish market performance. According to Cryptoes, the token’s market charts illustrate that it is now below the 21MA. Furthermore, he proclaims that the candle close hints toward the token’s bearish run in the market, birthing additional inferences for the token.

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