Native token of the Ripple ecosystem XRP, came to the fore today with an important whale activity. According to on-chain data, a large amount of tokens were transferred to central exchanges. Another noteworthy detail is that this process has been occurring consecutively for the last few days.
According to data provided by Whale Alert, an unknown wallet named 4wf7enWPx…5XgwHh4Rzn transferred 25.5 million XRP to crypto exchange Bitstamp. The amount of tokens transferred to Bitstamp was worth a total of $15.72 million at the time of writing.
As Koinfinans.com reported, the same whale has attracted a lot of attention in the cryptocurrency world for transferring millions of XRP to exchanges in the last few days.
Moreover, the transfer of large amounts of XRP to Bitstamp appears to have occurred simultaneously with the recent price drop the token witnessed. Transferring tokens to exchanges usually signals a possible increase in supply, leading to a decrease in demand for the cryptocurrency.
At the time of writing, the XRP price has fallen by 1.89% in the last twenty-four hours to $0.6093. Additionally, the token witnessed a decline of 1.69% in the last seven days. However, twenty-four-hour trading volume increased by a significant 128.08% to $1.30 billion.