In light of recent developments in the crypto market XRP has once again caught the attention of investors and the community as the crypto asset has once again witnessed massive whale activity.
XRP Whales moves over 50 million tokens to CEXs
A recent report found that a XRP whale recently moved more than 50 million tokens to cryptocurrency exchanges. Data from the chain shows that the whale has made these types of transactions in recent weeks.
Interestingly, these whale trades have created a whirlwind of speculation among global crypto market enthusiasts after surfacing during the token’s price plunge. According to data from on-chain tracker Whale Alert, the whale has transferred 50.7 million tokens to centralized exchanges (CEX).
Whale Alert has revealed that the aforementioned funds were transferred to CEXs in two separate transactions. The whale trades took place amid the token’s downward movement, sparking speculation about its effect on the price of XRP.
The on-chain tracker reported that the first transaction took place saw a whopping 26 million XRP tokens worth approximately $15.22 million. Records show that the unknown address, identified as r4wf7enWPx…5XgwHh4Rzn, moved the tokens to the Mexico-based crypto exchange Bitso.
Meanwhile the second transaction moved 24.7 million XRP tokens worth approximately $14.68 at the time the transfer took place. The same wallet address mentioned above had transferred the funds to another crypto exchange Bit stamp.
It is notable that the aforementioned wallet address has been orchestrating these types of transactions to the CEXs for some time now. Whale alert last week detected the wallet address that transfers over 48 million XRP tokens to Bitstamp and Bitso.
In less than two weeks, the wallet address has moved more than 138 million tokens to the cryptocurrency platforms. At the current price of the digital asset, this is estimated at over $79 million.
The crypto asset poised for a significant rebound
The entire crypto market experienced one on Wednesday remarkable disruption during which XRP fell close to its October low of $0.50. Despite the significant price drop, cryptocurrency analyst Egrag Crypto has expressed positive sentiments about the crypto asset.
Eggag recently shared bold predictions for the item on the X platform (formerly Twitter). The crypto analyst pointed out that the token’s price is currently gearing up for an upswing.
He noted an August scenario where XRP reached the lower limit of its channel during the liquidation of 1 billion in crypto. “Now, after five months, it’s going back to that zone with another aggressive liquidation of 1 billion,” he stated.
He emphasized that the asset’s bulls have been steadfast in “defending this channel,” and have stopped at nothing to “buy on the dip.” He claimed that the bulls have kept the price above the “Val Hell Line,” preventing a “daily candle” below it.
So far, Egrag has pointed out that “a little retest” around $0.55 seems to be “fairly standard” market behavior.
Featured image from Shutterstock, chart from Tradingview.com
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