A renowned XRP whale has been making headlines recently, constantly moving substantial amounts of XRP coins to a particular centralized exchange. While the identity of this entity remains in question, his continuous transactions have echoed speculations and discussions across the crypto community.
Even though XRP investors are hopeful for an imminent price movement to the $1 zone, the steady offloading of huge amounts of the coin by huge investors throws the possibility in the balance. Also, following the large dump, the price of the coin has reacted negatively, dropping by almost 1% in the last 24 hours.
Whale Transfers 29 Million XRP Coins to Bitstamp
In a significant development, WhaleAlert, a popular cryptocurrency large transaction tracker, has reported a notable movement of XRP from a wallet address to the Bitstamp exchange. According to the update, the whale transferred exactly 28,600,000 XRP to the Luxembourg-based CEX about 13 hours ago from press time. The total value of this transaction is worth a staggering $15,366,977 ($15.3 million).
28,600,000 #XRP (15,366,977 USD) transferred from unknown wallet to #Bitstamphttps://t.co/hPrnRaAAoG
— Whale Alert (@whale_alert) May 27, 2024
Meanwhile, upon further check, it was revealed through on-chain data the identity of the address is the known r4wf7…4Rzn. This particular wallet address has moved millions of XRP to the aforementioned exchange over the past couple of months. Just recently, it was reported by Coinfomania that the same address shifted 32 million XRP coins to the same exchange, sparking conjecture within the crypto community.
It is important to note that this whale began the series of XRP transfers to the Bitstamp exchange shortly after the blockchain giant Ripple acquired an undisclosed stake in the exchange company. Hence, guesses about a possible connection between the entity and Ripple Labs have been brought into question.
Moreover, this transaction comes amid a prediction by crypto expert analysts of a possible XRP price surge to the $1 level. According to a popular crypto analyst, Egrag Crypto, XRP is likely to trade between $1.2 and $1.5 in the coming weeks. Also, another analyst known as Dark Defender has predicted that a potential break above the $0.6 sets the ground for an upward rally to the coveted $1 mark. With the continuous transfer dumps by XRP whales, the possibility of these predictions coming to pass imminently is questioned.
XRP Price Reaction Amid Massive Dump
Data from CoinMarketCap paints a clear picture of the price movement of the coin following this development. According to the data, XRP has declined by 0.7% to trade at $0.5264. However, its trading volume over the last 24 hours has skyrocketed by 42.7% to $1.11 billion, with a live market cap of $29.1 billion. Also, XRP has traded between the lows and highs of $0.5214 and $0.5401 in the last 24 hours.
According to Coinglass statistics, there was increased trading activity for XRP, while investor interest was decreased, possibly as a result of speculative trading. While XRP’s derivatives volume surged 92.98% to $983.60 million, its overall investment (OI) decreased by 0.16% to $613.23 million.
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