XRPnoted significant whale transactions as of today, December 8th. The United States recently announced plans to increase and promote blockchain technology. With this announcement, the transfer of massive amounts of XRP has gained significant attention in the cryptocurrency universe.
Meanwhile, the token has witnessed a large number of whale transactions in the last few days.
Whales Move XRP to CEXs Amid US Blockchain Bill
Whale Alert recently showcased data on the trajectory of XRP transfers. Data provided by Whale Alert shows the transfer of 44.8 million XRP to Bitstamp and Bitso.
According to the data, the unknown wallet named r4wf7enWPx…5XgwHh4Rzn recorded two large transactions recently by offloading XRP to exchanges. Regarding this, the aforementioned wallet moved 22.80 million XRP worth $14.42 million to Bitstamp. Additionally, this transaction was accompanied by another transaction transferring 24 million XRP worth $15.18 million to Bitso.
The transfer of XRP to exchanges comes amid recent news that the US has announced plans to encourage the adoption of blockchain-related services and technology. According to a recent statement by the 118th Congress of the United States, the Secretary of Commerce was called on to take necessary and appropriate steps to promote the use and promotion of blockchain-related activities.
Interestingly, the request was accepted by the 118th Congress. In this context, it resulted in the approval of the bill called ‘Dissolution of the American Blockchains Act of 2023’. This bill covered a variety of blockchain-related activities, including payments and ledger-related services, which proved beneficial for Ripple as the firm positions itself as a global payment network.
XRP Price Drop
At the time of writing, the XRP price has recorded a marginal decline of 0.53% in the last 24 hours. It is currently at $0.6447. However, the token has gained 5.72% in the past week.
The price drop witnessed by the token today goes against the recent statements made by one of the leading analysts, Cryptoes.
Cryptoes recently stated that the XRP daily cup and handle model is gradually advancing. Additionally, the analyst also shed light on the XRP cryptocurrency, reflecting bullish market sentiments in the near future. Despite these statements, today’s price of the token was in the red.
Additionally, in the midst of the US approving a blockchain-specific bill, XRP price has become conflicted as it has experienced a decline. Additionally, the drop in token price can be attributed to recent XRP dumps on CEXs. It is possible that this could lead to an increase in circulating supply.