A whale activity has continued to create much buzz among crypto enthusiasts in recent weeks. According to data from blockchain tracker Whale Alert, a whale has recently dumped over 25 million XRP tokens to the cryptocurrency exchange Bitstamp.
Whale Dumps $15M Worth of XRP
The whale, who has remained anonymous, transferred the tokens in a single transaction on November 26, 2023. The 25 million XRP tokens was valued at over $15 million when the transaction was initiated.
While the reason behind the whale’s action remains unknown, it could be attributed to several factors. One possibility is that the whale is simply selling their XRP tokens for profits, raising funds for other investments, or rebalancing their portfolio. Another reason could be to send a message to the market about the bearish outlook of the token.
Overall, the whale’s activity is likely to put further pressure on XRP and could be a sign of further bearish sentiment for the short-term price of the token.
XRP has continued to drop recently. The token has lost around 3% of its value in the last 24 hours, more than 2% in the past seven days, and over 7% in two weeks. XRP is also down by 82% from its all-time high of $3.40 in January 2018. The Ripple-backed token is currently ranked 5th among all cryptocurrencies, with a market cap of $33 billion.
At the time of filing this report, XRP was trading at $0.61, representing a 0.21% drop in the past one hour.
Whale Activity
Notably, this same whale has been dumping their XRP tokens over the past few days. As revealed by Whale Alert, the address moved a significant amount of XRP tokens to two notable centralized exchanges (CEXs) on November 23.
The first transaction included 15.2 million XRP tokens (valued at $15.6 million) transferred to Bitstamp, while a separate transaction involved 25 million (worth $15.5 million) XRP tokens transferred to Bitso.
