XRP, one of the top cryptocurrencies by market cap globally, once again curates a cyclone of speculations across the cryptocurrency landscape as it recently noted substantial whale transfers to a CEX. Notably, the transfers gained significant traction across the broader crypto market today as they surfaced amid a price drop jotted down by the token.
The whale transactions encompassed the transfer of a whopping 40 million XRP, worth $24.49 million, to Bybit, a UAE-based crypto CEX.
Meanwhile, crypto analysts worldwide shed light on the Ripple-backed token’s current market tokenomics, stressing the token’s bull run ahead.
XRP Whale Transactions: A Detailed Report
Whale Alert, a platform simplifying on-chain metrics, recently revealed the data orbiting XRP whale transfers to Bybit. According to the data, an unknown wallet, raQxZLtqur…XMNwvFRkJN, moved 20 million XRP, worth $12.20 million, to Bybit today, December 23. Furthermore, it shifted another 20 million XRP, worth $12.29 million, to the same exchange yesterday, December 22.
The aforestated transfers to a CEX indicate a possible sell-off for the cryptocurrency, aligning with the price drop portrayed by XRP today. However, in contrast to its fall, on-chain data illuminated by a renowned crypto analyst showcased market sentiments otherwise.
According to crypto analyst Ali Martinez, Ripple whales have bought roughly 360 million XRP, worth approximately $223 million, over the past week. Notably, Ripple’s significant involvement in such colossal whale transfers seems to hint toward a boosted sense of breakout for the token although the price today was witnessing a fall.
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XRP Price Tumbles
As of writing, the XRP price recorded a marginal drop of 0.81% in the past 24 hours and is currently resting at $616. Moreover, the token recorded a weekly plunge of 1.10%.
Meanwhile, as the token showcased a downward trajectory, another prominent crypto analyst shed light on an upcoming bull run ahead. Analyst Egrag Crypto proclaimed that the XRP guppy turned green on the weekly timeframe. Eyeing this, the community is now setting its sights on the $5.5-$13 level.
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