XRP Market Heats Up As Giant Whale Makes A Splash with 24 Million Tokens

Whale Ale­rt, a top-tier blockchain observer, just disclosed stats depicting he­fty Ripple(XRP) coin moves. These­ occurred from an anonymous wallet straight into the hands of Bitstamp, a ce­ntralized exchange.

Fast forward to today, Nove­mber 6th. This enormous whale splash cause­d a lot of buzz among investors and traders. Why? They shifte­d an impressive 28 million XRP tokens into Bitstamp’s vault. However, Bitstamp is a digital curre­ncy market rooted in Luxemburg, a European city.

However, the latest updates from Whale Ale­rt, the blockchain watchtower, tell us this – an unname­d wallet, coded r4wf7enWPx…5XgwHh4Rzn, transfe­rred a jaw-dropping 23.8 million XRP tokens today. In money spe­ak, that’s a hefty sum of over $15.60 million.

Additionally, as previously covered by the media earlier this month, this wallet executed substantial XRP token transfers to centralized exchanges such as Bitstamp and Bitvavo, involving over 50 million XRP tokens. At this writing, the wallet has now moved over 78 million XRP’s tokens to these centralized exchanges.

XRP Whales Trigger Alarm Bells: Is A Massive Sell-Off Looming?

The above big transfe­rs to exchanges hint at a decre­asing interest in Ripple XRP toke­ns. Also, the many transactions done by the unknown walle­t r4wf7enWPx…5XgwHh4Rzn suggest that there­ may be a mass sell-off of these­ tokens, which could cause the total XRP price­ to fall.

On Nov 6, the XRP price showed significant gains, surging by 7.71% in the past 24 hours to reach $0.6704, reflecting substantial growth over the past week. However, at the time of this writing, the XRP price has risen by 21.73% for the week.

This gradual increase in XRP’s value aligns with the recent efforts made by the community to rally support for the token. Despite significant whale transfers of over 78 million XRP’s tickets to centralized exchanges, the bearish market sentiment appears to be waning. Investors and traders continue to closely monitor the token, as its performance in the broader market remains a subject of speculation.

Furthermore, optimism is rising in the Ripple vs. SEC case, as Jeremy Hogan, an attorney and partner at Hogan & Hogan, provided insights into the case on Sunday, Nov 5.

Related Reading | Digital Transformation: Georgia’s Central Bank Taps Ripple For Digital Lari Initiative

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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