Powered by Ripple Labs XRP coin, has created a flurry of interest among crypto market traders and investors today as it shows a significant recovery following the recent crypto market corrections. During this significant upward momentum of XRP, approximately 46 million tokens were shifted from decentralized exchanges to centralized exchanges (CEX) in the last 24 hours, raising concerns about XRP’s price movements going forward.
Meanwhile, the SEC appealed to Judge Torres to uphold the final decision against Ripple in the XRP case, contributing to a mysterious market scenario for XRP. The Ripple-backed token traded fairly quietly right after the SEC entered a legal battle with XRP, leaving investors uneasy in the global crypto market.
The token’s upward momentum, coupled with the SEC’s recent legal appeal and today’s whale activity, has continued the cyclone of speculation revolving around the XRP coin.
XRP Coin Whale Activity Contrasts Price Action
According to data provided by Whale Alert, 46.25 million coins were transferred to CEXs Bitstamp and Bitso in two transactions made in the last 24 hours. In the first transaction, 24 million coins were transferred to Bitso, a CEX based in Mexico City, while in the other transaction, 22.25 million coins were transferred to Bitstamp, a CEX based in Luxembourg City.
Notably, both transfers were carried out by an unknown wallet address. Additionally, the same address transferred huge amounts of tokens to the same CEXs in the last few days.
This recurring event occurred shortly after Ripple acquired strategic stakes in the aforementioned CEXs, stirring speculation that the sale of the whale came as an effort to regulate the token’s market supply.
Meanwhile, XRP was trading prominently in the green, contrasting the usual market sentiments of a price decline following a dump on CEXs. This appears to be due to many bullish market dynamics.
