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Whale Dumps 25 Mln XRP To Bitstamp As XRP Price Surges Above Support

source-logo  coingape.com 29 November 2023 08:55, UTC

The XRP cryptocurrency is gaining significant traction within the realm of cryptocurrencies as the token noted another colossal whale movement as of today, November 29.

According to market data unveiled, an unknown whale transferred significant amounts of XRP to a CEX named Bitstamp.

Meanwhile, the token’s price also marked a marginal upswing over the past twenty-four hours, sparking curiosity within crypto market enthusiasts.

XRP Whale Report

Whale Alert, a blockchain tracking platform, recently unveiled data showcasing the transfer of 25 million XRP to Bitstamp, a digital asset exchange headquartered in Luxembourg City. Furthermore, the transfer was done by an unknown wallet, r4wf7enWPx…5XgwHh4Rzn, and amounted to a whopping $15.19 million at the time of writing.

As reported by CoinGape media earlier, the same wallet has been noted transferring colossal amounts of XRP to CEXs like Bitstamp and Bitso over the past few days.

The constant dumping of tokens to exchanges hints toward a potential increase in supply, thereby reducing the on-chain demand for the token. However, contrary to the aforementioned transfer of tokens to exchanges, the price surge witnessed by the XRP cryptocurrency has created a buzz within the broader crypto markets. Moreover, the token also spotted substantial gains over the past week.

Also read: Bybit In Big Trouble If American Investors Used the Platform to Move Funds to Coinbase

XRP Price Surges Amid Dumping Of XRP To Exchanges

As mentioned above, the dumping of tokens indicates a possible downfall in the demand, thereby resulting in a price fall. However, the XRP price witnessed a 2.08% increase in the past twenty-four hours, reaching $0.6112 today. The price surge in XRP appears to be conflicting with the recent transfer of coins to Bitstamp.

Furthermore, despite the unknown wallet transferring over hundreds of millions of XRP to CEXs over the past few days, the token noted a significant upswing of 3.13% over the past seven days, along with a monthly increase of 12.20%.

Also read: DCG to End $620 Million Lawsuit With Bankrupt Lender Genesis

coingape.com