XRP Price Plunges as Whales Make Moves to Exchanges
The cryptocurrency market has been experiencing a downward trend recently, with XRP taking a significant hit in the past 24 hours. While most top coins have managed to minimize their losses, XRP has seen a sharp drop in value.
Looking at the chart below, it’s evident that XRP’s price has plummeted by 14% in the last day, bringing it down to $0.52. This represents a 21% decrease from its recent high of $0.66.
On-chain data suggests that the recent price decline may be linked to whale activity on the XRP network.
Whales Active on XRP Network
According to Whale Alert, a service that tracks cryptocurrency transactions, several large transfers have been detected on the XRP network in the past day. These transactions, typically associated with whales, could have played a role in XRP’s poor performance.
While individual whale transactions may not have a significant impact on the market, collective moves by multiple whales can influence price trends. It’s challenging to determine the exact motives behind these transactions, but address details can offer some insight.
One of the notable whale transfers involved the movement of 17,940,000 XRP, valued at around $10.3 million, from an unknown wallet to an account linked to the Bitstamp exchange. This type of transfer, known as an exchange inflow, often indicates a potential sell-off, which can contribute to bearish market conditions.
Three other whale transactions also involved moving sizable amounts of XRP to different platforms, totaling $37.9 million. While the purpose of these transfers may vary, the overall effect appears to have added selling pressure to XRP, leading to its price decline.
It remains to be seen how the market will react to further whale activity and whether XRP can recover from its recent losses. Investors should stay vigilant and monitor on-chain data to make informed decisions in a volatile market environment.