XRP Whales Move 48 Millions of XRP As Price Approaches $0.6

XRP, one of the cryptocurrencies supported by Ripple Labs, once again attracted attention in the cryptocurrency world on Friday (12/01/2024), with a record large transfer to crypto exchanges. Interestingly, more than 48 million XRP was moved, becoming a highlight for crypto market fans around the world.

Transfer of XRP by “Whale” to Crypto Exchange

Blockchain data tracked by the Whale Alert platform revealed two large transactions occurred on January 12. These two transactions resulted in the transfer of around 48.2 million XRP, fueling speculation among crypto market enthusiasts.

These coins were moved to crypto exchanges Bitstamp and Bitso by an unknown address, which was previously known to make similar transfers.

Check Price :

This unknown wallet address, with the code r4wf7enWPx...5XgwHh4Rzn, was the highlight of the move.

Additionally, this address moved 23.6 million XRP to Bitstamp, while 24.6 million XRP was moved to Bitso. Interestingly, this move may be related to Ripple's acquisition of strategic stakes in these exchanges.

XRP Price Surge

During the surge in XRP prices, market sentiment towards this token has also seen a change. XRP price rose by 0.71% in the last 24 hours and is currently trading at $0.5969. Additionally, the weekly chart shows an increase of 3.87%.

A leading crypto analyst, Cryptoes, also examined the current XRP market dynamics and indicated a bearish trend. However, according to the analyst, the XRP token could experience a potential correction to at least the lowest support at $0.578, pushing the price to reach lower levels.

Also Read

MicroStrategy's Bitcoin Is Worth More Than The Company Itself

Axie Infinity Limits SLP Token Supply To 44 Billion

Polygon (MATIC) Outperforms Solana (SOL) In Weekly NFT Sales

Bitfinity Raises US Dollar 7 Million Investment for Bitcoin Sidechain on Internet Computer (ICP)

What is Yield Guild Games? The World's First and Largest Web3 Game DAO

DISCLAIMER : This article is informational in nature and is not advice, recommendation, offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time. Bittime is not responsible for changes in exchange rates or crypto asset prices.