XRP Whale Transfer a Enormous XRP After a 17% Price Drop
XRP investor known as Whale recently conducted a substantial transfer of 95,678,794 XRP, valued at $50,622,428, amid a bearish market trend. This transaction has raised concerns due to its timing with a significant drop in XRP’s price, which currently stands at $0.4596, marking a 17.25% decrease over the past 24 hours and a 23.60% decline over the past week.
Whale Substantial Transaction
The transfer involved two unidentified wallets: rKs1TWFpdp…hS3ekPTMNN and rMMoG6nqJD…FKgrij9kjw. Such a massive transfer can potentially impact market dynamics and contribute to price fluctuations. Notably, the sender’s wallet had previously transferred 2.800 million XRP to a relatively new wallet, which was activated at the time of the transaction, indicating considerable activity.
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This transaction is one of several instances of intensified XRP whale activity. In May, significant whale activity was observed in XRP, with reports indicating a total addition of 3.17 billion tokens by whales, coinciding with notable price movement. Furthermore, there was a surge in whale movements, with major players acquiring 540 million XRP, equivalent to over $270 million, within a short timeframe.
Whale Accumulation Across Crypto Market
According to Santiment data indicated active accumulation by whales and sharks across major cryptocurrencies, including Bitcoin, Ethereum, XRP, and Chainlink. Analysis revealed a strategic increase in asset procurement by large-scale holders, particularly highlighting XRP.
Despite this, the total number of XRP holders has been steadily increasing, suggesting growing interest in the cryptocurrency. In addition, speculations by Michael XBT suggest a potential reversal of XRP’s downtrend by August, with expectations of the cryptocurrency reclaiming the $2 price point. This is based on the observation of a historic bull pennant formation on the XRP chart.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
