- XRP price is up by 1.06%, trading at $0.4863.
- Millions of XRP coin transfers have been found over the past month.
XRP, is one of the prominent altcoins, despite being one of the top cryptocurrencies by market cap. It has experienced a prolonged period of underperformance due to ongoing legal battles with the U.S. Securities and Exchange Commission (SEC). This week also marked a bearish phase with a 7% decline.
Currently, XRP is trading at $0.4863, up by 1.06% in the past 24 hours. With a market cap exceeding $26.9 billion, the trading volume has soared by 9.40% to $1.28 billion.
Amid the bears’ dominance, whales have been taking advantage of the situation by dumping large amounts of XRP. And it leads to downward pressure on the token’s price. Recently, a significant whale transferred approximately 52 million XRP coins to exchanges within the past 24 hours. This whale activity raises concerns about market sentiment and future price movements for XRP.
XRP Whales Are Bearish?
Looking at the overall activity in June, a massive transfer of around 91 million XRP was noted from an unknown wallet to Bitstamp. Similarly, 89 million XRP were transferred from Binance to an unknown wallet, 52 million tokens were transferred from an unknown wallet to Bitso, and 150 million XRP were transferred from Ripple to an unknown wallet.
Furthermore, 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 transactions indicate increased supply pressure on exchanges for the Ripple-backed asset, creating a hurdle for XRP’s price to rise. If the transferred coins are sold, it could lead to a short-term dip in XRP’s price. Conversely, if the transfers are strategic moves, they might not significantly impact the market.
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