Amid the ongoing topsy-turvy scenario in the crypto market, the XRP price has once again gained attention as whales shifted a staggering 150 million coins amid a dip of more than 4% today. However, while the market participants grapple with the volatile market and declining prices, the recent XRP transactions have sparked intrigue and speculation regarding their implications on crypto’s trajectory.
Whale Transactions Sparked Speculations
Whale Alert, an on-chain transaction tracking platform, has flagged three significant movements of XRP totaling 150 million coins. Notably, Ripple, in a sizable transaction, transferred 100 million XRP valued at approximately $52.81 million to an undisclosed wallet. This, alongside a separate transfer of 28.27 million XRP by an unknown wallet “r4wf7….h4Rzn“, worth around $15.13 million, to Bitstamp, has sparked discussions in the cryptocurrency space sphere.
Simultaneously, the same wallet has moved 21.92 million XRP, worth around $11.74 million, to Bitso exchange, further fuelling speculations. Notably, this wallet has been on the investors’ radar lately, as it has moved a significant number of XRP to these crypto exchanges recently.
Meanwhile, speculations abound regarding the motives behind these transactions. While some view it as a strategic selloff, others speculate it might align with Ripple’s liquidity management strategy, particularly given its previous stake acquisition in Bitstamp.
Notably, the intertwined nature of Bitstamp’s collaboration with Ripple on cross-border payments complicates the interpretation, as Ripple often utilizes XRP transfers to facilitate seamless global fund transfers.
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XRP Price Dips, What’s Next?
Meanwhile, the XRP price has witnessed a downturn, slipping below the $0.53 mark. Previously, EGRAG Crypto, a prominent market analyst, viewed this level within the context of an ascending channel, interpreting it as bullish. He asserted that the challenge for bulls now lies in maintaining the price above $0.53 to sustain the bullish trajectory trajectory.
On the contrary, a report from CoinGape Media suggests that breaching the $0.55 threshold could potentially propel XRP towards the $0.8 mark, with further speculation mounting about a possible ascent to $1. Although several analysts attributed the broader market selloff to the recent dip in XRP price, the recent analysis reflects a potential recovery for the crypto ahead.
Meanwhile, as of writing, the XRP price was down 4.47% to $0.525, after touching a high of $0.5516 in the last 24 hours. The crypto has added nearly 7% over the past week while witnessing a decline of about 17% over the last 30 days.
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