XRP Crash Fears Mount As Whale Dumps 26 Million Tokens – Details
January 22 2024 - 8:00AM
NEWSBTC
In the world of cryptocurrencies, XRP has once again captured the
attention of market enthusiasts with a surge in whale activity. The
movement of a staggering 26.8 million XRP tokens has sparked
speculation among traders and investors alike. Blockchain data
tracked by Whale Alert, a renowned tracker of large cryptocurrency
transactions, revealed that an unknown wallet, identified as
r4wf7enWPx…5XgwHh4Rzn, transferred the substantial amount of XRP.
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It Recover From FOMO Fumble? Ripple’s Strategic Moves Trigger XRP
Transfers The tokens, valued at approximately $14.75 million, were
sent to Bitstamp, a prominent exchange based in Luxembourg City,
Europe. Interestingly, this is not the first time the mentioned
wallet has made similar transfers to Bitstamp during periods of
price dips. The recurrent nature of these transactions has piqued
the interest of market participants, especially considering
Ripple’s recent strategic stake acquisition in the exchange.
Source: Whale Alert The correlation between Ripple’s involvement
and the XRP transfers to Bitstamp has not gone unnoticed by astute
traders and investors. However, the recent movement of XRP tokens
aligns with a downward trend in the token’s price. XRP’s value has
experienced a decline of 2.34% in the past 24 hours, trading at
$0.5389 at the time of writing. The weekly chart also paints a
dreary picture, showing a significant fall of 7.30%, while the
monthly downturn stands at 12.61%. Both market capitalization and
trading volume have also taken a significant hit. XRP currently
trading at $0.53084 on the daily chart: TradingView.com Despite the
prevailing market sentiment, XRP Whale, a reputable crypto market
analyst, remains bullish on the token’s prospects. Contrary to the
price decline, the analyst predicts that February will bring
positive developments for the Ripple-backed cryptocurrency.
Investor Skepticism Persists Amid Market Volatility Such optimism
is met with skepticism, as investors grapple with the current state
of the market and seek reassurance amid the ongoing volatility. It
is important to remember that the cryptocurrency market is highly
unpredictable, and caution should always be exercised when making
investment decisions. Related Reading: Binance Coin (BNB) Blasts
Off: 10% Gain Sparks $350 Price Predictions While the whale
activity surrounding XRP and the positive outlook from XRP Whale
may spark intrigue, it is crucial to conduct thorough research and
seek advice from financial professionals before making any
investment moves. Worries of an XRP crash are rampant, fueled by
the recent whale sell-off and a confluence of negative technical
indicators. The coming days and weeks will be crucial in
determining whether XRP can weather this storm or succumb to the
immense selling pressure. Featured image from iStock
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