Anonymous Whale Moves Almost 25 Million XRP Tokens to a CEX, Price Suffers

An XRP transaction involving an anonymous whale caught the community’s attention as a massive 25 million tokens were transferred to a centralized exchange (CEX). This move has sparked speculations, especially about the sudden impact on the tokens’ price.

In the meantime, the sudden shift of the substantial amount of XRP tokens is not the only factor that impacted the price. The global crypto market has been experiencing a wave of volatility in anticipation of the upcoming Bitcoin halving. The halving event, now scheduled to happen on April 18, will help reduce the amount of new Bitcoin entering circulation. Additionally, the overall supply dynamics of the token will be influenced.

Historically, the price of Bitcoin (BTC) has notably experienced bullish movements post-halving and the price of other altcoins followed suit. With this in mind, the XRP community is still optimistic about a price reversal as the potential of XRP reaching the coveted $1 remains in the balance.

25 million XRP on the move

A popular on-chain large transaction tracker platform, WhaleAlert, reported a significant transaction involving the XRP token on April 7. According to the report, an astonishing amount, up to the tune of 24,880,000 (24.8 million) tokens were shifted from a wallet labeled “unknown” to the centralized crypto exchange Bitstamp.

???? 24,880,000 #XRP (14,752,878 USD) transferred from unknown wallet to #Bitstamphttps://t.co/wdX27lI223

— Whale Alert (@whale_alert) April 7, 2024

Previous data reveals that there have been similar XRP transfers from this whale the Bitstamp exchange. Notably, the transactions started occurring after Ripple Labs bought stakes in the Singapore-based cryptocurrency exchange. There have been predictions that the transfer was carried out by Ripple Labs as an effort to regulate the amount of XRP in supply. Whatever the reason, the move has impacted the price of the token.

The token’s on-chain data also confirmed the current price decline, with XRP’s derivatives data showing a decline in investor interest and liquidations that had occurred throughout the last day. When combined with the whale’s large dump, these elements represented XRP’s bearish shift.

XRP price reaction

Meanwhile, data from CoinMarketCap paints a clear picture of the price movement of XRP. Per the statistics, XRP has dipped by 0.89% in the last 24 hours, accompanied by a similar drop in its market capitalization. At the time of writing, XRP is trading at $0.5967. The price slipped below the $0.6 line following the aforementioned dump by the whale.

Even though the price of the token appears to drop, the token continues to see significant activities as portrayed in its 24-hour trading volume. According to CoinMarketCap data, the trading volume of XRP over the last day has surged by 18.8% to $1,026,160,007 ($1 billion).

Furthermore, Coinglass reported that the token’s open interest had dropped by 1.16%, while the OI-weighted funding rate continued to decline, closing at 0.0104% at the time of publication. The collective data indicated a downward trend in the token market, which was supported further by liquidations of XRP, valued at $288.22K, with long positions at $244.27 and short positions at $43.95K.

Ultimately, the XRP community’s anticipation of the tokens’ price reaching $1 remains in the balance. However, with the upcoming BTC halving, this might come to fruition as the bullish sentiment surrounding the coin remains intact.