Significant XRP Whale Dump Spark Speculation About Price Effect

A massive XRP transfer caught the attention of the crypto community after the whale moved a significant amount of the coin, up to the tune of 31 million to a popular centralized exchange. Following this, observers and investors have raised speculations about the continuous movement by the particular whale, given that the entity has moved hundreds of millions of XRP coins in the past months.

Notably, the transfer coincided with a negative price movement, pushing the price of XRP to drop by 0.38% at the time of the transaction. However, XRP has jumped slightly at the time of writing, signifying a potential rally.

31 Million XRP Coins on the Move

Earlier today, Whale Alert, a prominent large crypto transaction tracker, spotted a substantial movement of XRP coins from a wallet to a crypto exchange. According to the report, the whale dumped exactly 30,350,000 (valued at $14.8 million) to the Luxembourg-based Bitstamp exchange.

30,350,000 #XRP (14,866,712 USD) transferred from unknown wallet to #Bitstamphttps://t.co/6CuOmlm43k

— Whale Alert (@whale_alert) June 16, 2024

Over the past months, this whale, identified as ‘r4wf7…4Rzn’ has sent staggering amounts of XRP to the aforementioned exchange and also to the Mexico-based crypto exchange Bitso. This is particularly interesting because the huge transactions started after Ripple Labs secured partnerships with both exchanges.

Large crypto transfers to CEXs are mostly perceived as sell-offs, triggering bearish movements and reducing confidence among investors. Even though the exact reason behind the transaction is not clear, the price of the coin took a hit, sending it to 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) XRP was spotted from Binance, the largest crypto exchange by trade volume, to an unidentified wallet. At the time, the transaction was valued at $15.6 million. Large transactions from crypto exchanges to wallets are sometimes seen as accumulation, indicating confidence in the future of the project.

These two transactions have sent mixed signals across the crypto market, the first one signaling a sell-off, and the second portraying investors taking advantage of the discounted price and accumulating large amounts of XRP.

XRP Price Movements

The price of XRP has shown marginal recovery from the initial dip suffered during the dump. According to details from CoinMarketCap, XRP is trading at $0.495, representing a 0.18% increase at the time of writing. Furthermore, the trading volume over the last 24 hours has surged by 36% to $1.18 billion.

Additionally, XRP has traded between the lows and highs of $0.4848 and $0.5024 which is still 85.3% down from its all-time high of $3.40 reached on January 7, 2018. XRP’s market cap currently sits at $27.6 billion, signifying a 0.18% increase over the last day. Finally, the derivatives volume increased by 5.16%, reflecting a mixed market mood, while the futures open interest (OI) increased by 0.21% to $416.1 million.

The post Significant XRP Whale Dump Spark Speculation About Price Effect appeared first on Coinfomania.