Whale Moves XRP In Millions As Analyst Predicts Upcoming Rebound

Despite the recent favorable advancements made by the Ripple community within the crypto universe, crypto market enthusiasts’ attention has been drawn to a massive whale transaction orbiting the XRP cryptocurrency. As of today, November 18, a whale transferred humongous amounts of XRP from a centralized exchange to an unknown wallet. Following the whale movement, the XRP price witnessed a marginal plunge.

Whale Alert, a platform monitoring whale transactions, revealed data showcasing the transfer and nabbed significant attention throughout the broader crypto markets, signaling a noteworthy shift in the XRP digital asset.

XRP Whale Transfer Amid Positive Outlook

According to the data disclosed by Whale Alert, an unknown address on Bitso, rLSn6Z3T8u…Fdn5CyGujK, transferred an astonishing 16.60 million XRP to an unknown wallet, rHBXf41ccu…9EtsJ5aLm1, today. As of writing, the XRP transferred by Bitso to the unknown wallet totals $10.08 million.

The aforementioned transaction wherein tokens were taken out from Bitso and transferred to an unknown wallet portrays a decline in the supply, resulting in a positive shift in the demand and price of XRP.

However, while writing, the XRP price proved market sentiments otherwise. Moreover, interestingly, a different perspective on this movement was offered by a crypto analyst, introducing intricacy to the understanding of these transactions.

Offering a distinct perspective, Ali Martinez, a well-known cryptocurrency analyst, peculiarly viewed this development. Martinez emphasized the 18% decline in XRP within the last 10 days and highlighted the significant surge in whale transactions and assets, contrary to the prevailing situation.

The analyst suggested that the heightened interest from major players might signal a potential rebound in XRP price.

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XRP Price & Performance

At the time of writing, the XRP price witnessed a marginal downfall of 3.62%, ending up at $0.5991. Furthermore, despite enormous whale activity orbiting the XRP token, the weekly price also witnessed a substantial decrease of 3.81%.

However, during the past month, the price has increased by a whopping 22.41%, which seems to come as a result of Ripple’s partial legal victory against the US SEC.

Also read: Crypto Prices Today: Pepe Coin Slips With BTC, TIA Rising

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