An unidentified wallet once again transmits enormous XRP tokens to CEXs amidst the Ripple price rally, according to data disclosed by Whale Alert.
Whale Alert, a prominent blockchain monitoring platform on a global scale, recently disclosed data demonstrating the transfer of enormous Ripple (XRP) tokens from an unidentified wallet to Bitstamp, a centralized exchange.
As of today, November 6, traders and investors are paying attention to the colossal whale movement due to its recent transfer of more than 28 million XRP tokens to Bitstamp, a digital asset exchange based in Luxembourg City, Europe.
Whale Moving Millions of XRP Tokens
Recent market data disclosed by the blockchain monitoring platform Whale Alert indicates that an unidentified wallet, r4wf7enWPx…5XgwHh4Rzn, transferred to Bitstamp today an astounding 23.8 million XRP tokens worth over $15.60 million.
In addition, earlier this month, the wallet mentioned above transferred over 50 million XRP tokens to centralized exchanges Bitstamp and Bitvavo.
The wallet has transmitted over 78 million XRP tokens to CEXs as of this writing.
A bearish sentiment exists on the market regarding Ripple XRP tokens, as evidenced by the whale transfers to centralized exchanges mentioned previously.
Furthermore, the sequence of transactions executed by the unidentified wallet r4wf7enWPx…5XgwHh4Rzn suggests the potential for a token sell-off, which could precipitate a decline in the XRP price as a whole.
XRP Price Increases While Whale Transfers Continue
As of today, November 6, the price of XRP has increased significantly, with a 7.71% surge over the past 24 hours to $0.6704, in addition to a substantial weekly increase.
The XRP price has increased by 21.73% in the past week as of this writing.
The incremental appreciation of the XRP value corresponds to the community’s recent efforts to increase support for the token.
Despite the fact that billionaires are dumping XRP tokens onto centralized exchanges, bearish market sentiment continues to diminish.
Traders and investors continue to monitor the token even though colossal whale transfers totaling more than XRP 78 million have been executed thus far. Its performance in the broader market remains speculative.
Additionally, Jeremy Hogan, an attorney and partner at Hogan & Hogan, intensified his criticism of the Ripple vs. SEC case on Sunday, November 5, which increases the sense of optimism surrounding the case.
