In light of recent developments in the crypto market, XRP has once again garnered the attention of investors and the community as the crypto asset has witnessed yet another massive whale activity.
XRP Whales Moves Over 50 Million Token To CEXs
A recent report revealed that an XRP whale recently moved over 50 million tokens to cryptocurrency exchanges. On-chain data shows that the whale has been making this kind of transaction over the past few weeks.
Interestingly, these whale transactions have created a whirlwind of speculation among worldwide crypto market enthusiasts after they surfaced during the token’s price decline. According to data from the on-chain tracker Whale Alert, the whale transferred 50.7 million tokens to centralized exchanges (CEX).
Whale Alert has revealed that the aforementioned funds were transferred to CEXs in two separate transactions. The whale transactions occurred amidst the token’s downward movement raising speculation on its effect on XRP’s price.
The on-chain tracker reported that the first transaction saw a whopping 26 million XRP tokens valued at approximately $15.22 million. Data shows that the unknown address identified as r4wf7enWPx…5XgwHh4Rzn moved the tokens to the Mexican-based crypto exchange Bitso.
Meanwhile, the second transaction moved 24.7 million XRP tokens valued at about $14.68 as of the time the transfer was made. The same wallet address mentioned above had transferred the funds to another crypto exchange Bitstamp.
It is noteworthy that the aforestated wallet address has been orchestrating this kind of transaction to the CEXs for a while now. Last week, Whale Alert detected the wallet address transferring over 48 million XRP tokens to Bitstamp and Bitso.
In less than two weeks, the wallet address has moved over 138 million tokens to the cryptocurrency platforms. With the current price of the digital asset, this is valued at over $79 million.
The Crypto Asset Poised For A Significant Upswing
On Wednesday, the entire crypto market experienced a notable disruption which saw XRP falling close to its October lows of $0.50. Despite the significant price drop, cryptocurrency analyst Egrag Crypto has expressed bullish sentiments about the crypto asset.
Egrag has recently shared bold predictions for the asset on the X (formerly Twitter) platform. The crypto analyst pointed out that the token’s price is currently getting ready for an upswing.
He noted an August scenario where XRP reached the lower boundary of its channel during the 1 billion liquidation across crypto. “Now, after five months, it is going back to that zone with another aggressive 1 billion liquidation,” he stated.
He highlighted that the asset’s bulls have been steadfast in “defending this channel,” not allowing anything to stop them from “buying into the dip.” He asserted that the bulls have maintained the price above the “Val Hell Line,” preventing a “daily candle” close below it.
So far, Egrag has pointed out “a slight retest” around the $0.55 appears to be “pretty standard” market behavior.
Featured image from Shutterstock, chart from Tradingview.com
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