XRP, a cryptocurrency backed by Ripple Labs, is once again amassing substantial attention in the realm of cryptocurrencies as the token witnessed massive whale activity today, November 22.
The whale activity caught the eyes of crypto market enthusiasts as it transferred millions of XRP to a centralized exchange, Bitstamp.
Subsequently, the XRP price also witnessed a plunge, which seems to come in alignment with the recent dumping of tokens to CEX.
XRP Whale Activity Report
Whale Alert, a platform offering blockchain tracking insights, recently revealed data showcasing the transfer of 27 million XRP by an unknown wallet.
As per the data, an unknown wallet, r4wf7enWPx…5XgwHh4Rzn, transferred 27 million XRP to Bitstamp, a Luxembourg City-headquartered digital asset exchange. The amount of tokens transferred was evaluated to be $16.17 million as of writing.
As reported by CoinGape media earlier, in a series of transactions, the same wallet address was observed transferring millions of XRP to centralized exchanges such as Bitstamp and Bitso.
The aforementioned transfer of XRP to exchanges illustrates a possible plunge in the price, which seems to come in alignment with today’s market sentiments revolving around the Ripple Labs-backed cryptocurrency.
As whales transfer tokens to exchanges, the total number of tokens in circulation increases substantially, resulting in a fall in demand for the token.
Also read: Is Binance Too Big to Fail? Insiders suggest Employees Are Nervous
XRP Price Evaluation
As of writing, the XRP price experienced a slight fall of 2.40% today, reaching $0.5941. Furthermore, the weekly plunge was evaluated at 5.70%.
However, according to a recent report, speculations over the potential collapse of the US dollar have surged, prompting an upswing in overall cryptocurrency prices.
The report emphasizes that Bitcoin, Ethereum, and XRP have seen substantial price increases due to increasing concerns about inflation during the global wartime situation in the United States.
Also read: BIT Exchange To Launch SOL Options Trading Next To XRP and ADA
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