XRP Price Drops To $0.60 Mark As Whale Moves 25 Mln XRP, Will It Fall Further?

One of the top 5 cryptocurrencies by global market cap, XRP, curated a cyclone of speculations following a substantial whale activity on Monday. The whale transfer, dumping coins to a centralized exchange, caught noteworthy attention among crypto market fanatics as it came forth amid a significant price drop noted by the token.

Moreover, a renowned crypto analyst shared his sentiments on the matter, stressing the token’s future to be bearish. In his statement, the analyst further enlightens how traders should potentially stay away from assets like XRP, further cracking down on its downward trajectory today.

XRP Whale Transfer To Bitstamp: Here’s Everything

Whale Alert, a platform streamlining on-chain data, recently revealed the transaction orbiting the shifting of 24.60 million XRP to Bitstamp, a centralized exchange. According to the data, an unknown wallet address, r4wf7enWPx…5XgwHh4Rzn, was noted making the transfer to the CEX on December 18, Monday.

As reported by CoinGape Media earlier, the same wallet has been registered, transferring colossal amounts of XRP to CEXS over the past few days in a series of transactions.

Moreover, the drop in XRP’s price comes in alignment with the dumping of tokens to Bitstamp today. Interestingly, the transfer of XRP to CEXs Bitstamp and Bitso has recently emerged as a recurring phenomenon within the cryptocurrency landscape following Ripple’s strategic acquisition in the prior stated exchanges’ stake.

However, the current drop illustrated by the token has stirred a whirlpool of speculations across the broader crypto market, fueling bearish sentiments for the token.

Also read: Crypto Prices Today: Bitcoin, Pepe Coin Tumble As HNT Takes The Lead

XRP Price Falls

As of writing, the XRP price marked a decrease of 1.57% in the past 24 hours and is currently trading at $0.6062. Furthermore, the token also recorded a fall of 3.56% over the past week, aligning with the bearish market thoughts for the token.

However, the token’s 24-hour trading volume noted a significant upsurge, rising 32.87%, resting at $975.422 million.

Besides, aligning with the recent price drop noted by the token, crypto analyst 24hrscrypto spotlighted the token’s bearish movements over the past few days. In his statement, the analyst stresses caution orbiting investments in XRP while also discouraging traders who eye the token. He further claims that the token will continue to portray similar downward trajectories in the near future, as denoted by XRP’s drop today.

Also read: Veteran Investor Shifts Bitcoin (BTC) Price Forecast From $100K To $200K

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