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Tuesday, February 20, 2024

XRP Whales Moves $47 Million To Exchange, As Price Dips

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XRP whales are on the move again, as on-chain data reveals that the crypto asset has witnessed a massive whale activity in the past day, which has led investors and the crypto community to ponder on the reasons behind these large transactions.

Whale Transfers 47 million XRP To Cryptocurrency Exchanges

A report has shown that a whale has shifted approximately 47 million XRP tokens to crypto exchanges. Data from the on-chain tracker Whale Alert revealed the funds were moved to centralized exchanges (CEXs) in two distinct transfers. 

The two whale transactions came in light of the token experiencing a price decline. The first transfer saw about 24,800,000 XRP tokens valued at $15,463,840 being moved to the crypto exchange Bitso. Data from the on-chain tracker shows that the unknown wallet address r4wf7enWPx…5XgwHh4Rzn made the move 11 hours ago.

The second transaction shifted about 23,800,000 XRP which was valued at $14,840,298 at the time of transfer. Whale Alert reported that the same wallet address mentioned above also made the transfer to another crypto exchange Bitstamp.

This is not a surprise as the stated wallet has been making such huge transfers to both Bitso and Bitstamp exchanges. On Wednesday, December 27, the same wallet address was reported moving over 49 million XRP to the centralized exchanges.

The whale transaction also took place in two distinct transfers. The wallet address moved 22.90 million XRP valued at approximately $14 million to Bitstamp. Meanwhile, the second transaction was reported to have witnessed 16.50 million XRP worth about $10.43 million moved to the Mexican-based exchange Bitso.

The movement of XRP to the stated CEXs via the same wallet address has become a regular occurrence in the cryptocurrency space.  This might be due to Ripple‘s strategic partnership with Bitstamp and Bitso, in which the CEXs make use of Ripple’s payment services.

Could The Price Of The Crypto Asset Reach $2,500?

Crypto expert Egrag Crypto recently revealed an intriguing story of his conversation about the pricing of XRP with a prominent banker. The analyst shared the story with the entire crypto community on the social media platform X (formerly Twitter).

The conversation revolved around the token, as both figures examined how the altcoin might reach a value of $2,500 soon. The discussion arose when the banker challenged Egrag to clarify how 40,000 XRP could ultimately equal $100 million.

XRP
XRP showing a decade-long cycle | Source: Egragcrypto on X

Taking up the challenge, Egrag showed the banker how the asset would reach $2,500 using a chart he posted alongside. According to the chart, the token might reach this price level by 2029. 

Due to this, the banker has considered the digital asset a long-term investment, as he believes it could result in enormous gains by then.

Currently, the token’s price is sitting at $0.629, indicating a decline of about 1.60% in the past 24 hours. Its trading volume is also down by over 20%, while its market cap is down by 1.68%.

XRP
XRP trading at $0.63 on the 1D chart | Source: XRPUSDT on Tradingview.com

Featured image from Shutterstock, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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