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XRP Whale Dumps Nearly 50 Million Coins on CEXs, Is the $1 Mark Still Possible?
A renowned whale continued to move substantial amounts of XRP coins to specific crypto exchanges, triggering volatile price movements and increasing speculation among investors. Throughout the week, the whale was spotted transferring impressive amounts of XRP regardless of its price correction.
Consequently, investors have raised the question about the possibility of reaching the coveted $1 mark, as a continued and significant dump like this could diminish investor confidence, thus leading to a widespread sell-off.
50 million XRP on the move
WhaleAlert, a tracker of large cryptocurrency transactions, has once again drawn our attention to the activity of the popular whale XRP. This time, the big investor transferred almost 50 million coins to two exchanges in two separate transactions.
According to the data provided, the first transaction uploaded a massive 29,280,000 XRP (worth $15,401,715) from his wallet to the Bitstamp exchange. Shortly afterwards, the second transaction was initiated by transferring 19,880,000 XRP to the Mexico-based Bitso exchange. Further verification revealed that the transaction was carried out from the known address ‘r4wf7…4Rzn’.
Source: Whale Alert
Notably, this address has been involved in several large transactions involving XRP in recent months. Some days ago, Coinfomania reported that the same address transferred 29 million XRP coins to Luxembourg-based crypto exchange Bitstamp.
The constant transfer of XRP to the two aforementioned crypto exchanges has raised concerns among investors linking the initial address to XRP issuers Ripple Labs, especially since such transactions have become common after a strategic partnership with both exchanges.
Recall that some crypto analysts, including Dark Defender and Egrag Crypto, have remained bullish on the price of XRP, predicting that it is about to rise soon to reach the $1 mark, however, the unloading continued trading of XRP by large investors may delay this prediction. .
XRP Price Reaction
However, the price of XRP suffered after these transfers. According to data from CoinMarketCapthe price of XRP fell 0.71% in the last 24 hours, trading at $0.5251. The drop comes after a brief touch to $0.53. Consequently, XRP has traded between lows and highs of $0.5216 and $0.5324 over the last 24 hours.
Furthermore, trading volume on the last day fell by 3.21% to $1.08 billion, with a market cap of $29.1 billion. While derivatives volume decreased by 26.57% to $718.00 million, open interest increased by 4.07% to $639.03 million, according to data from Coinglass. This means a reduction in market activity involving XRP, although traders are pumping money into the futures market.