XRP Witnesses Whale Activity Amidst Market Decline

Today, XRP, the digital asset closely associated with Ripple Labs, has captured the attention of investors amidst a broader downturn in the cryptocurrency market.

The price of XRP experienced a notable decline, reaching $0.56, marking its lowest point in the past two weeks. Data from Santiment feed reveals that XRP holders collectively incurred losses totaling $25.67 million since yesterday.

Whale activity in the XRP ecosystem has been particularly noteworthy in the past 24 hours, with significant amounts of XRP tokens being transferred to centralized exchanges (CEXs). 

XRP Ripple Whale Activities To Monitor

According to data from Whales Alert:

  • 25,600,000 XRP (equivalent to $14,740,814 USD) was transferred from an unknown wallet to Bitstamp.
  • 20,000,000 XRP (approximately $11,516,261 USD) was moved from another unknown wallet to Bitso.
  • 24,920,366 XRP (valued at $14,254,214 USD) was transferred from yet another unknown wallet to Bithumb.

These large-scale movements of XRP tokens to centralized exchanges indicate heightened activity among whales, potentially signaling a shift in investor sentiment or strategic maneuvering in response to market conditions.

Over the past 7 days, XRP has witnessed an 8% decline, with a more modest 3% drop observed in the past 24 hours.

As investors closely monitor these developments, the broader cryptocurrency market continues to navigate through periods of volatility, with XRP emerging as a focal point of interest amidst evolving market dynamics.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: promesaartstudio/123RF // Image Effects by Colorcinch

Via: https://themerkle.com

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