XRP, one of the top five cryptocurrencies by market value, has sparked speculative excitement among crypto investors following a significant whale transfer to a central exchange on Wednesday. This activity occurred during a period of price decline, aligning with the broader market sentiment, which is currently experiencing a downturn, potentially contradicting any rally expectations.
An important whale transaction involving the transfer of 22 million XRP, worth $13.32 million, to Bitstamp was detected on December 20th. This movement, facilitated by Whale Alert, generated significant curiosity among crypto market investors due to the timing coinciding with XRP’s price fluctuations.
Data revealed an unnamed wallet transferring a substantial amount of XRP to a Luxembourg-based crypto exchange. This same wallet address has previously been reported to move large quantities of XRP to Bitstamp. The recurring phenomenon of this whale activity around XRP’s orbit is speculated to be primarily associated with Ripple‘s strategic stake acquisition in Bitstamp at CEX.
While XRP’s price is experiencing a slight decline of 0.63% in the last 24 hours, with its current price at $0.6096, it seems to contribute to the downtrend in the wider crypto market. The price drop coincides with the token’s transfer to CEX, leading to increased speculation in the crypto space.
Contrary to the token’s price decrease today, a prominent crypto analyst, known as XRP Whale, suggests that XRP is poised for a rapid rise. The analyst maintains a bullish stance on the token, anticipating an imminent explosion in XRP’s value.