Whale Moves 24 Mln XRP As Price Nosedives Below $0.62, What’s Next?

A whale transferred 24 million XRP tokens recently as reported by crypto transfer alert platform Whale Alert. The staggering amount of tokens transferred was worth $14.88 million. The movement was recorded between an unknown wallet and prominent crypto exchange Bitstamp.

The XRP gas fees are comparatively low, so the whale paid a mere 0.000015 XRP to execute the trade.

XRP Whale Accumulation Driving Price Action

In the last 24 hours, this is the second whale occurrence. Before this, on December 4, an equivalent sum of tokens (24.2 million XRP) was again transferred to the crypto exchange, Bitstamp.

This led to speculations among XRP holders about whether the whales were manipulating the XRP surge or dump. The crypto bull market and a lot of optimism triggered the recent rally which took XRP above $0.60.

However, the rally didn’t last long due to several reasons. One of the main reasons are lack of Institutional interest. Most of the investors turned their faces towards Bitcoin and Ethereum. Due to this, the outflow and liquidation increase resulted in a price slump.

The good thing is that the number of holders keeps increasing. According to Santiment, the total number of XRP holders is above 4.88 million which shows that investors are showing interest in XRP.

Also Read: Just-In: Binance Launches Zero-Fee Trading For XRP, ETH, SOL, DOGE, LINK, BNB

XRP Price Slumps 2%

XRP found it hard to remain in the same green zone and slumped on Tuesday after gaining 3% on the last day.

XRP, long a community favorite, now targets institutions, seen as pivotal for the upcoming bull run. According to recent data shared by Coinshares, XRP falls behind as Solana dominates with significant institutional inflows.

Weekly data reveals that XRP attracted $0.5 million in ETP inflows by December 1. In contrast, Solana saw a substantial $4.3 million, exposing a noticeable gap in yearly flows. The divergence of institutional investors from XRP to other altcoins is one of the major reasons why XRP is struggling to maintain the $0.60 resistance.

At the press time, XRP price was trading at $0.620908, indicating a 1.93% decrease in the last 24 hours and a 2.99% increase in the last seven days. With a slight drop in trading volume, the 24-hour trading volume of XRP was at $16 billion.

Also Read: Crypto Tax Frauds on IRS Radar Amid Market Boom

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