The crypto market is experiencing turbulent times today, with huge whale movements in the Ripple-backed XRP coin project on the one hand, and different whales making significant transactions in other popular tokens on the other. Here are the details…
Notable developments for XRP coin
XRP is on the agenda today with a transfer of 28.9 million (~$14.7 million) detected by Whale Alert. This huge amount went to the central exchange called Bitstamp. It is known that the same whale has made sales before. These sales indicate increased supply to the market and a possible decline, according to options trading data. XRP price has also fallen in line with the sale, currently trading around $0.50.
cryptokoin.com As we reported, the US Securities and Exchange Commission (SEC) gained the upper hand in the Ripple case. In response, Ripple moved 120 million XRP to an unknown wallet. On the other hand, some analysts state that XRP is in a daily “falling wedge” formation and there may be a change in price movement in the near future. Leading crypto market analyst Cryptoes highlighted vital market dynamics with additional takeaways for XRP. According to Cryptoes, the token’s daily bearish wedge is under construction and traders should see a change in price movements soon.
Whale movements outside XRP
Meanwhile, there was activity in various altcoins other than XRP. Although the crypto market is generally in a downward trend, investors appear to be following different strategies. While some investors are taking profits in certain tokens like XRP, others appear to be taking dip buying opportunities. Some of the largest whale operations are as follows:
- Whale named 0xed0 sends 34,290 NMR (~$875,000) to Coinbase. It is noteworthy that this whale is the first NMR investment on a centralized exchange.
- The whale named 0xf21 deposits 14,320 ETH (~ $33.48 million) to Coinbase.
- The whale named 0x5fd is sending 322.27 billion SHIB (~$2.86 million) to Coinbase again. This is recorded as the whale’s first SHIB investment.
- Binance Labs is preparing to deposit 750 thousand PERP (~$790,000) into Binance. These tokens were purchased at a much lower price two years ago.
Centralized exchanges stand out as important platforms where large transactions take place. It also appears that the XRP case has affected the market. It should not be forgotten that rapid fluctuations may occur in the market after such whale movements. Whether XRP will break out of the falling wedge formation and the prices of other tokens will be shaped according to the general market expectations and risk appetite of investors. Developments in the XRP case may also continue to affect the market.
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