Alternative cryptocurrency XRP, supported by Ripple Labs, has witnessed significant whale activity today. According to recent market data, a whale has transferred a large amount of XRP to a centralized cryptocurrency exchange. Following the whale’s transfer, a noticeable drop in the price of XRP was observed, and the data reveals that this whale has been moving millions of XRP to centralized crypto exchanges in the past few days.
Data provided by Whale Alert shows that a wallet address starting with 4wf7e transferred 25.5 million XRP, worth $15.72 million, to the Luxembourg-based Bitstamp cryptocurrency exchange. This cryptocurrency whale has attracted attention in the crypto world by moving millions of XRP to exchanges in recent days.
The transfer of a large amount of XRP to Bitstamp coincided with the recent price drop of the altcoin. The transfer of altcoins to cryptocurrency exchanges is generally interpreted as a warning signal indicating an increase in circulating supply and a decrease in demand.
During the preparation of this article, the price of XRP decreased by 2.59% in the last 24 hours, trading at $0.6093. According to recent data, the altcoin has dropped by 2.34% in the last seven days. Additionally, the trading volume of XRP has increased by 128.08% in the last 24 hours, reaching $1.30 billion.
The recent price drop of the altcoin is closely monitored due to the increase in whale activity. Cryptocurrency whales are seen moving large amounts of XRP to exchanges.
There are also significant developments surrounding the Ripple Labs-supported altcoin. In particular, Ripple CEO Brad Garlinghouse responded positively to former U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton’s comments on cryptocurrency regulations. Garlinghouse thanked Clayton for his supportive statements to cryptocurrency entrepreneurs during an event organized by the Council on Foreign Relations.