XRP whales are on the move again as on-chain data shows that the crypto asset has witnessed massive whale activity over the past day, leading investors and the crypto community to ponder the reasons behind these large transactions .
Whale transfers 47 million XRP to cryptocurrency exchanges
A report has shown that a Whale has moved approximately 47 million XRP tokens to crypto exchanges. Data from on-chain tracker Whale Alert revealed that the funds were moved to centralized exchanges (CEXs) in two separate transfers.
The two whale transactions came in light of the token experiencing a price drop. The first transfer saw About 24,800,000 XRP tokens worth $15,463,840 are being moved to the crypto exchange Bitso. Data from the on-chain tracker shows that the unknown wallet address r4wf7enWPx…5XgwHh4Rzn made the switch 11 hours ago.
The second transaction shifted approximately 23,800,000 XRP, which was valued at $14,840,298 at the time of transfer. Whale Alert reported that the same wallet address mentioned above also made the switch to another crypto exchange Bitstamp.
This is no surprise since the said wallet has made such huge transfers to both Bitso and Bitstamp exchanges. On Wednesday, December 27, it was reported that the same wallet address moved more than 49 million XRP to the centralized exchanges.
The whale transaction also took place in two separate transfers. The wallet address moved 22.90 million XRP worth approximately $14 million to Bit stamp. Meanwhile, it was reported that the second transaction saw 16.50 million XRP worth approximately $10.43 million moved to Mexico-based exchange Bitso.
The movement of XRP to the mentioned CEXs via the same wallet address has become a regular occurrence in the cryptocurrency space. This may be due to Ripple‘s strategic partnership with Bitstamp and Bitso, where the CEXs use Ripple’s payment services.
Can the price of the crypto asset reach $2,500?
Crypto expert Egrag Crypto recently revealed an intriguing story about his conversation about the pricing of XRP with a prominent banker. The analyst shared the story with the entire crypto community on the social media platform X (formerly Twitter).
The conversation revolved around the token, as both figures explored how the altcoin could soon reach a value of $2,500. The discussion arose when the banker challenged Egrag to clarify how 40,000 XRP could eventually amount to $100 million.
Egrag took up the challenge and showed the banker how the asset would reach $2,500, using a chart he placed next to it. According to the chart, the token could reach this price level in 2029.
This has made the banker consider the digital asset as a long-term investment as he believes it could lead to huge profits by then.
Currently, the token’s price is at $0.629, indicating a decline of around 1.60% in the last 24 hours. Trading volume has also fallen by more than 20%, while the market capitalization has fallen by 1.68%.
Featured image from Shutterstock, chart from Tradingview.com
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