The price of XRP has risen by 1.06%, currently trading at $0.4863.
Multiple transfers of millions of XRP coins have been detected in the previous month.
XRP, a prominent altcoin and one of the top cryptocurrencies by market cap, has faced a period of underperformance due to legal battles with the U.S. Securities and Exchange Commission (SEC). This week, it experienced a 7% decline.
At present, XRP is trading at $0.4863, reflecting a 1.06% increase in the last 24 hours. With a market cap surpassing $26.9 billion, the trading volume has surged by 9.40% to reach $1.28 billion.
During the bearish market conditions, large XRP holders, known as whales, have been capitalizing on the situation by selling significant amounts of XRP. This has resulted in downward pressure on the token’s price. A notable whale recently transferred approximately 52 million XRP coins to exchanges within the past day, sparking concerns about market sentiment and future price movements for XRP.
Are XRP Whales Bearish?
In June, a substantial transfer of around 91 million XRP was observed from an unidentified wallet to Bitstamp. Additionally, 89 million XRP were moved from Binance to an unknown wallet, 52 million tokens were sent from an unknown wallet to Bitso, and 150 million XRP were transferred from Ripple to an unknown wallet.
Moreover, 61 million XRP was transferred from Coincheck to an unknown wallet, another 61 million XRP from an unknown wallet to Coincheck, and 39 million XRP from an unknown wallet to Coinbase.
These coin transfers suggest an increased supply pressure on exchanges for the Ripple-backed asset, posing a challenge for XRP’s price to increase. If the transferred coins are sold, it could result in a temporary drop in XRP’s price. Conversely, if the transfers are strategic moves, they may not have a significant impact on the market.
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