The Ripple-backed cryptocurrency, XRP, appears to have created a tidal wave of speculations across the crypto realm on Wednesday as the token registered significant whale activity. Two Whale transactions, reshuffling nearly 84 million XRP, caught the eyes of crypto traders and investors globally.
The whale transactions also appear to have gained significant traction as it comes amid the price fall noted by the cryptocurrency in the past 24 hours.
However, in light of the current price fall witnessed by the token in the past 24 hours, some of the top crypto analysts shared sentiments portraying a bullish run for the token’s near future.
Whales Reshuffle XRP: Detailed Report
Following the data unveiled by Whale Alert, a platform streamlining blockchain metrics, two substantial transactions stirred up speculations within the broader crypto market. Collectively, these transactions reallocated 83.9 million XRP amid the token’s price slump today, December 13.
Moreover, as per the data, an XRP whale, r4wf7enWPx…5XgwHh4Rzn, shifted 23.90 million XRP to Bitstamp, a Luxembourg City-based crypto exchange. The tokens transferred to the centralized exchange totaled $14.63 million while writing. Interestingly, XRP transfers to Bitstamp have emerged as quite a regular occurrence within the cryptocurrency universe following Ripple’s significant stake acquisition in the CEX.
In addition, another significant transaction, transferring 60 million XRP from Ripple to an unknown address, sparked immense curiosity among crypto market fanatics. The number of tokens transferred from Ripple to the address, rP4X2hTa7A…7XZ63sKxv3, was evaluated at $36.64 million. Fascinatingly, even this wallet address was noted receiving colossal amounts of XRP over the past week.
The colossal whale transactions orbiting the Ripple-backed token routinely illustrate the community’s striving efforts to pump XRP’s value.
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XRP Price Falls
The XRP price recorded a marginal drop of 3.33% while writing, resting at $0.6007. Moreover, the weekly down surge of 1.69% accompanied the downward trajectory of the token. A monthly downswing of 7.37% further escorted this downward trajectory.
However, crypto analysts worldwide appear to be building support for the token.
Crypto Barbie, a well-known crypto analyst, recently shared her thoughts on XRP, proclaiming that the current price slump is the best time to accumulate the cryptocurrency. She further stresses the bull run for the token could come in the blink of an eye.
In addition, another crypto analyst shed light on how the potential way could be paved for XRP to reach $38. The analyst, 24hrscrypto, emphasized that an increase in the token’s daily volume could skyrocket the token’s trajectory, pushing it for a bull run. Although analysts are embarking on jacking up the XRP tokenomics, with the price falling below the $0.60 mark briefly today, the token’s current market landscape remains bearish.
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