As a result of recent events that have taken place in the cryptocurrency market, XRP has once again attracted the attention of investors and the community. This is due to the fact that the cryptocurrency asset underwent yet another significant whale activity.
XRP Whales has transferred more than fifty million tokens to CEXs.
According to a story that was published not too long ago, an XRP whale recently transferred more than fifty million tokens to cryptocurrency exchanges. Data stored on the blockchain reveals that the whale has been engaging in transactions of this kind over the course of the previous several weeks.
It is interesting to note that these whale transactions have sparked a storm of discussion among lovers of the cryptocurrency market all over the globe when they first came to light during the token's price collapse. Approximately 50,7 million tokens were moved to controlled exchanges (CEX) by the whale, as shown by the data obtained from the on-chain tracker known as Whale Alert.
According to the information provided by Whale Alert, the cash in question were successfully moved to CEXs in two distinct transactions. During the time that the whale transactions were taking place, the token was experiencing a downward trend, which prompted discussion over the impact that this movement might have on the price of XRP.
A staggering 26 million XRP coins with a value of around $15.22 million were involved in the first transaction, according to the on-chain tracker. According to the data, the tokens were sent to the cryptocurrency exchange Bitso, which is situated in Mexico, by an unknown address that was identified as r4wf7enWPx...5XgwHh4Rzn.
On the other hand, the second transaction included the transfer of 24.7 million XRP tokens, which had a value of around $14.68 at the moment the transfer was complete. The cash had been moved to Bitstamp, which is another cryptocurrency exchange, using the identical wallet address that was described before.
One thing that is worth mentioning is that the wallet address that was mentioned before has been coordinating transactions of this sort with the CEXs for quite some time now. The wallet address that was responsible for the transfer of more than 48 million XRP tokens to Bitstamp and Bitso was discovered by Whale Alert the previous week.
The wallet address has sent more than 138 million tokens to the various cryptocurrency platforms in a period of time that is less than two weeks. Taking into account the current price of the digital asset, this is worth more than $79 million.
The Cryptocurrency Asset Is Likely To Experience A Significant Upswing
The whole cryptocurrency market was subjected to a significant disturbance on Wednesday, which resulted in XRP plummeting to a level that was very near to its October low of $0.50. The cryptocurrency expert Egrag Crypto has voiced positive comments on the cryptocurrency asset, despite the huge price decline that may have occurred.
During the one billion dollar liquidation that occurred throughout the cryptocurrency market in August, he mentioned a scenario in which XRP approached the bottom threshold of its channel. He made the following statement: "Now, after five months, it is going back to that zone with another aggressive liquidation of one billion dollars."
He drew attention to the fact that the bulls of the asset have been unwavering in their efforts to "defend this channel," and they have not allowed anything to prevent them from "buying into the dip." Specifically, he said that the bulls have been successful in keeping the price above the "Val Hell Line," so avoiding a "daily candle" from closing below it.
