In the unpredictable world of cryptocurrencies, the price of XRP is drawing attention once more as large investors move over 150 million coins during a drop in value exceeding 4% today. Amidst the market turmoil and falling prices, these significant transactions by whales have ignited curiosity and conjecture about their impact on XRP’s future direction.
Whale Transactions Sparked Speculations
Three large transactions of XRP, amounting to 150 million coins, have been identified by Whale Alert, a monitoring service for blockchain transactions. Among these, Ripple transferred 100 million XRP, equivalent to roughly $52.81 million, to an unspecified wallet. Additionally, an unidentified wallet moved 28.27 million XRP, or approximately $15.13 million, to Bitstamp. These transactions have generated buzz in the cryptocurrency community.
At the same time, this wallet transferred approximately 21.92 million XRP, equivalent to around $11.74 million, to Bitso exchange. This action added to the buzz surrounding the wallet, as it has previously moved large quantities of XRP to crypto exchanges.
In the meantime, various theories circulate about the reasons for these deals. Some believe this is a calculated move on Ripple’s part, while others suspect it could be connected to their liquidity planning, considering their earlier investment in Bitstamp.
Significantly, Bitstamp’s partnership with Ripple in cross-border payments adds complexity, as Ripple frequently uses XRP transfers to smoothly process international money transfers.
XRP Price Dips, What’s Next?
Currently, XRP‘s price has dropped and is now below $0.53. Before this dip, EGRAG Crypto, a well-known market analyst, considered this level as part of an uptrend and saw it as a positive sign. However, he warns that bulls must keep the price above $0.53 to continue the upward trend.
Instead of this: “On the contrary, a report from CoinGape Media indicates that surpassing the $0.55 level could possibly push XRP towards $0.8 and even spark talks of reaching $1. However, some analysts have linked the broader market downturn to the recent drop in XRP price. Yet, this new analysis points to a potential rebound for the crypto.”
Currently, at the time of composing this text, XRP‘s price had dropped 4.47% to $0.525. This came after reaching a peak of $0.5516 within the previous 24 hours. Over the past week, XRP has experienced a growth of approximately 7%. In contrast, it has faced a decline of roughly 17% during the last 30 days.
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2024-04-25 12:13