Ripple-backed cryptocurrency XRP, seems to have created a tidal wave of speculation in the crypto space. Because the token has recorded significant whale activity. Two Whale transactions reshuffling approximately 84 million XRP attracted the attention of crypto traders and investors globally.
whale operations, cryptocurrency It seems to have gained significant traction as it occurred amidst the price decline recorded by the unit in the last 24 hours.
However, in light of the current price decline witnessed by the token in the last 24 hours, some of the top crypto analysts have shared sentiments depicting a bullish run for the near future of the token.
Following data released by Whale Alert, a platform that facilitates blockchain metrics, two significant transactions have sparked speculation in the broader crypto market. Collectively, these transactions reallocated 83.9 million XRP amid the token’s price decline on December 13.
Additionally, according to data, an XRP whale, r4wf7enWPx…5XgwHh4Rzn, shifted 23.90 million XRP to Bitstamp, a Luxembourg City-based crypto exchange. Tokens transferred to the centralized exchange totaled $14.63 million at the time of writing. Interestingly, XRP transfers to Bitstamp have emerged as a fairly regular occurrence in the cryptocurrency universe following Ripple’s significant stake acquisition on CEX.
In addition, another significant transaction in which 60 million XRP was transferred from Ripple to an unknown address also aroused great curiosity among crypto market fanatics. The number of tokens transferred from Ripple to the address rP4X2hTa7A…7XZ63sKxv3 was evaluated as 36.64 million dollars. Fascinatingly, even this wallet address was recorded to have received huge amounts of XRP over the past week.
Massive whale transactions orbiting the Ripple-backed token routinely demonstrate the effort the community is making to boost XRP’s value.
XRP Price Falls
XRP price fell marginally by 3.33% to $0.6007. Additionally, the token’s downward trajectory was accompanied by a weekly decline of 1.69%. A monthly decrease of 7.37% accompanied this downward trend.
However, crypto analysts around the world seem to be building support for the token.
Crypto Barbie, a well-known crypto analyst, recently shared his thoughts on XRP and declared that the current price decline is the best time to accumulate the cryptocurrency. He also emphasized that a bull run for the token could come in the blink of an eye.
In addition, another crypto analyst altcoinIt shed light on how the potential path could be opened for ‘s to reach $38. Analyst 24hrscrypto emphasized that an increase in the token’s daily volume could catapult the token’s trajectory and push it into a bull run. Although analysts have attempted to elevate the XRP tokenomics, the current market outlook for the token remains bearish, with the price briefly falling below the $0.60 level today.