Although the cryptocurrency market showed signs of recovery during the day, XRP The price continued its fluctuating movements. While Bitcoin and altcoins such as ETH, SOL, BNB gained value, Ripple, on the contrary, decreased. This bearish trend came after a whale transferred 52 million tokens to two centralized exchanges (CEX).
Whale Transferred 52 Million XRP to CEXs
According to the post by Whale Alert, an XRP whale sent a total of 52.27 million tokens to two exchanges in the last 24 hours. The total value of these assets is $24.95 million. In two transactions, the whale moved 30.65 million tokens to Bitstamp and 21.62 million tokens to Bitso.
These transactions coincide with the sluggish price movement during the day, highlighting the increasing selling pressure on the asset. It is also noteworthy that the whale’s previous sales to the same exchanges came together with the stagnant price movement of XRP.
Although there is speculation that the address may be linked to Ripple, there is no concrete evidence to prove this yet. For context, sales of this address appeared to have become a recurring phenomenon in the crypto world shortly after Ripple acquired a strategic stake in Bitstamp.
Meanwhile, XRP is struggling with volatile price movements and losing value after a significant trading session in the green zone.
