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According to recent market data revealed by Whale Alert, one of the world’s leading blockchain trackers, an unknown wallet recently transferred colossal amounts of XRP tokens to <a href="https://coingape.com/glossary/centralized-cryptocurrency-exchanges-cex/" target="_blank" rel="noopener noreferrer nofollow">centralized exchanges (CEX)</a> Bitstamp and Bitso.
The massive whale movement caught the eyes of investors and traders alike as it transferred over 50 million XRP tokens to two different CEXs on November 3, 2023.
<h2 id="xrp-whale-transferring-millions-to-cexs">XRP Whale Transferring Millions To CEXs</h2>
Today, in a series of transactions, an unknown wallet, 4wf7enWPx…5XgwHh4Rzn, <a rel="noopener noreferrer nofollow" href="https://whale-alert.io/transaction/ripple/B07F18D9B8FC1F0BACA4C0DD54C6ECC5FEC130AD0DC7D4381A88A175064E4D11" target="_blank">transferred</a> a whopping 25.4 million XRP tokens, amounting to over $15.42 million, to Bitso, a digital asset exchange platform. In addition, the same wallet address further <a rel="noopener noreferrer nofollow" href="https://whale-alert.io/transaction/ripple/E9C11558C5112D934A1FC92BE069C202306445BBD791B3F35492857CC8049E1E" target="_blank">transferred</a> millions of XRP tokens to Bitstamp, another cryptocurrency exchange platform. As of writing, the wallet sent another 25.4 million XRP tokens, equivalent to about $15.42 million, to Bitstamp.
The aforestated transactions made by whale accounts to centralized exchanges indicate that there might be a possible sell-off of the cryptocurrency tokens, resulting in a slump in the XRP price.
Also read: <a href="https://coingape.com/sec-files-motion-for-summary-judgment-against-terra-and-do-kwon/" target="_blank" rel="noopener noreferrer nofollow">US SEC Requests Summary Judgment Against Terra And Do Kwon</a>
<h2 id="xrp-price-slumps-today-but-gains-substantial-traction-over-the-week">XRP Price Slumps Today But Gains Substantial Traction Over The Week</h2>
The <a href="https://coingape.com/price/xrp/" target="_blank" rel="noopener noreferrer nofollow">XRP price</a> witnessed substantial gains and surged almost 8.89% over the past week, although its current price is marginally down by 1.25%, reaching $0.6003. The gradual surge in the XRP price over the past week comes in alignment with the recent advancements made by Ripple Labs to continue building up support for the community.
As <a href="https://coingape.com/ripple-and-national-bank-of-georgia-partner-on-digital-lari/amp/" target="_blank" rel="noopener noreferrer nofollow">reported by Coingape Media</a> earlier today, Ripple announced plans to strategically join hands with the National Bank of Georgia, advancing the pilot on Digital Lari. The upcoming partnership may bring out a positive outlook for the future, although the XRP price is comparatively low today.
The phenomenon of whales reshuffling XRP tokens has become quite common over the past few days as the community is continuously jacking up support for the token. Investors and traders are eyeing an upward trend with recent XRP transactions reported on Whale Alert.
Also read: <a href="https://coingape.com/cathie-wood-bets-on-bitcoin-amid-market-woes-know-more-here/" target="_blank" rel="noopener noreferrer nofollow">Cathie Wood Bets on Bitcoin Amid Market Woes, Know More Here</a>
The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/whale-dumps-31-mln-in-xrp-to-exchanges-nosedive-below-0-6/">Whale Dumps $31 Mln In XRP To Exchanges, Nosedive Below $0.6?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.

Whale Dumps $31 Mln In XRP To Exchanges, Nosedive Below $0.6?

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