Whales Reallocate Over 83 Mln XRP As Price Plummets Below $0.62

Whale Alert, a platform offering blockchain tracking metrics, recently revealed data encompassing an increase in whale activity orbiting the XRP token, a cryptocurrency backed by Ripple Labs.

Following the revelation of data, the token appeared to have gained significant traction among crypto market enthusiasts within the cryptocurrency universe.

Furthermore, amid the increase in whale activity, the XRP price witnessed a marginal slump as of today, December 6.

XRP Whale Transactions: A Detailed Report

As per the data unveiled by Whale Alert, two transactions transferring massive amounts of XRP caught the eyes of traders and investors alike.

The first transaction showcased the transfer of 23.80 million XRP from an unknown wallet to Bitstamp, digital asset exchange. Interestingly, the unknown wallet, r4wf7enWPx…5XgwHh4Rzn, was noted making the above-mentioned transfer approximately 8 hours ago. Furthermore, as reported by CoinGape media, the same wallet address has been observed moving colossal amounts of XRP to centralized exchanges over the past few days.

In addition, the second transaction that sparked curiosity among crypto enthusiasts transferred a whopping 60 million XRP from Ripple to an unknown wallet.

As per the data, the unknown wallet address, rP4X2hTa7A…7XZ63sKxv3, received 60 million XRP, amounting to $37.03 million from Ripple today. Interestingly, even this wallet address has been noted receiving massive amounts of XRP in the past few days.

Reportedly, the Ripple-backed cryptocurrency recently witnessed an enormous surge in whale activity over the past few days.

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XRP Price Plunges

At the time of writing, the XRP price noted a slight fall of 0.36% in the past 24 hours, evaluating $0.6182. Furthermore, the 24-hour trading volume also experienced a 17.85% decrease, reaching $1.55 billion.

However, the token’s price noted a weekly jump of 1.16%, as per market charts.

Furthermore, Egrag Crypto’s recent analysis of the Ripple-backed cryptocurrency suggests a potential significant price surge based on a bullish crossover between the 21 EMA and 55 MA in the 2-week chart of XRP/USD.

The analyst emphasizes the importance of two key weekly candles following this crossover for decoding the token’s trajectory.

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