Altcoin
Significant XRP Whale Dump Speculation on Price Effect
A massive XRP transfer caught the attention of the crypto community after the whale moved a significant amount of coins, up to 31 million, on a popular centralized exchange. Following this, observers and investors have raised speculation about the continued movement of that particular whale, as the entity has moved hundreds of millions of XRP coins in recent months.
Notably, the transfer coincided with a negative price movement, pushing the price of XRP down 0.38% at the time of the transaction. However, XRP has rallied slightly at the time of writing, indicating a potential rally.
31 million XRP coins on the move
Today, Whale Alert, a leading tracker of large crypto transactions, spotted a substantial movement of XRP coins from a wallet to a cryptocurrency exchange. According to the report, the whale downloaded exactly 30,350,000 (worth $14.8 million) to the Luxembourg-based Bitstamp exchange.
Over the past few months, this whale, identified as “r4wf7…4Rzn,” has sent staggering amounts of XRP to the aforementioned exchange and also the Mexico-based cryptocurrency exchange Bitso. This is especially interesting because the huge transactions began after Ripple Labs secured a partnership with both exchanges.
Large cryptocurrency transfers to CEXs are mostly perceived as sell-offs, triggering bearish movements and reducing confidence among investors. While the exact reason for the transaction is unclear, the coin’s price took a hit, sending it into the red zone.
Meanwhile, this transaction was not the only one recorded in the last 24 hours. According to the aforementioned tracker, another whale transaction carrying 32,141,202 (32.1 million) of XRP was spotted by Binance, the largest cryptocurrency exchange by trading volume, to an unidentified wallet. At the time the transaction was valued at $15.6 million. Large transactions from cryptocurrency exchanges to wallets are sometimes seen as an accumulation, indicating confidence in the future of the project.
These two transactions have sent mixed signals in the cryptocurrency market, the first signaling a sell-off and the second portraying investors taking advantage of the discounted price and accumulating large amounts of XRP.
XRP Price Movements
XRP price has shown a marginal recovery from the initial drop suffered during the dumping. Second details from CoinMarketCap, XRP is trading at $0.495, up 0.18% at the time of writing. Furthermore, trading volume in the last 24 hours increased by 36% to $1.18 billion.
Furthermore, XRP traded between lows and highs of $0.4848 and $0.5024, which is still 85.3% lower than its all-time high of $3.40 reached on January 7, 2018. The capitalization of XRP market currently stands at $27.6 billion, which means an increase of 0.18% from $0.4848 and $0.5024. the last day. Finally, derivatives volume increased 5.16%, reflecting mixed market sentiment, while futures open interest (OI) increased 0.21% to $416.1 million.