Ripple, launched by Ripple Labs and a focal point of criticism due to the SEC lawsuit, has witnessed significant whale activity over the past few weeks. While there has been a general price drop in cryptocurrencies, an eye-catching whale transaction occurred with XRP. The price of XRP could have experienced a major fall due to this transaction and overall market conditions.
The price of XRP was at $0.61 on December 11th and dropped below the critical level of $0.62. Despite this drop, crypto analysts, known for their market commentary, still displayed an optimistic outlook for XRP.
Whale Alert is known for quickly sharing whale transactions on the blockchain, and it caught a new XRP transaction in the last 24 hours. It revealed that 22.80 million XRP, worth $14.95 million, were transferred from an unknown wallet to the cryptocurrency exchange Bitstamp.
Despite being referred to as an unknown address, it was known that this wallet had been making XRP transactions for a while. The mentioned wallet address has caught the attention of investors by making significant transfers to CEXs since last month.
The transfer of XRP to a CEX while its price is falling has sparked fear and great curiosity among crypto traders and investors.