A significant transfer of Ripple (XRP) to a centralized exchange has ignited speculation about its potential impact on the cryptocurrency’s liquidity and market dynamics.
A $15 million, or 26.7 million XRP, transfer from an undisclosed wallet to Bitstamp, a centralized exchange, was highlighted by Whale Alert on October 29.
This substantial movement signifies a potential intent to sell a large quantity of XRP and has raised questions about its possible influence on price trends.
Despite this, data from CoinMarketCap showed a remarkable surge in XRP trading activity over the past day, with total volume exceeding $793 million, a more than 50% increase within 24 hours. This robust trading activity indicates that the sizeable transfer has not significantly impacted the market.
A detailed analysis of the whale transaction chart on Santiment revealed no significant uptick in trends, even for transactions exceeding $100,000. The number of such transactions remains modest, with 50 recorded at the time of the report.
Transactions involving sums over $1 million were limited, with only three observed. Similar to the volume chart, these trends indicate that the recent movement has not considerably affected the overall trend of XRP transactions.
On the day of the transfer, XRP ended its trading session with a 2% price increase, closing at approximately $0.55. At the time of writing, XRP was trading at a slight loss, but sustained the $0.55 price level despite the minor setback.
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