XRP Whale On-chain data has revealed that the cryptocurrency asset has been witnessing massive whale activity over the past day, leaving investors and the cryptocurrency community pondering the reasons for such massive trading.
Whale transfers 47 million XRP to cryptocurrency exchange
according to the report Whale moved approximately 47 million XRP tokens to cryptocurrency exchanges. According to data from on-chain tracker Whale Alert, the funds were moved to the centralized exchange (CEX) via two separate transfers.
The two whale transactions were made taking into account the token price decline. first transfer I saw Approximately 24,800,000 XRP tokens worth $15,463,840 will be transferred to cryptocurrency exchange Bitso. According to data from the on-chain tracker, the unknown wallet address r4wf7enWPx… It appears that 5XgwHh4Rzn moved 11 hours ago.
second transaction movement Approximately 23,800,000 XRP worth $14,840,298 at the time of transfer. Whale Alert reported that the same wallet address mentioned above was also transferred to another cryptocurrency exchange, Bitstamp.
This is not surprising as the mentioned wallets have been transferring huge amounts to both Bitso and Bitstamp exchanges. On Wednesday, December 27, the same wallet address was reported to have moved more than 49 million XRP to a centralized exchange.
The whale trade also took place in two separate transmissions. The wallet address moved 22.9 million XRP worth approximately $14 million. bitstamp. Meanwhile, in the second transaction, 16.5 million XRP worth approximately $10.43 million were reportedly moved to Mexico-based exchange Bitso.
XRP movement to a stated CEX via the same wallet address is a regular occurrence in the cryptocurrency space. This may be caused by: rippleStrategic partnership with Bitstamp and Bitso where CEX leverages Ripple’s payment services.
Could the price of the cryptocurrency asset reach $2,500?
Cryptocurrency expert Egrag Crypto recently released an interesting conversation piece about cryptocurrencies. Price of XRP With a prominent banker. analyst shared This is a story about the entire cryptocurrency community on social media platform X (formerly Twitter).
The conversation centered around tokens, as both figures examined how the altcoin could soon reach a value of $2,500. The discussion began when the banker asked Egrag to clarify how 40,000 XRP could ultimately amount to $100 million.
Taking on the challenge, Egrag used the chart he posted next to show the banker how the asset could reach $2,500. According to the chart, the token could reach this price level by 2029.
This has led bankers to view digital assets as long-term investments, believing they can yield huge profits by then.
The current token price is $0.629, down about 1.60% in the last 24 hours. Trading volume also decreased by more than 20%, and market capitalization also decreased by 1.68%.
Featured image from Shutterstock, chart from Tradingview.com
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