{"id":573593,"date":"2024-02-06T20:00:42","date_gmt":"2024-02-06T20:00:42","guid":{"rendered":"https:\/\/wncen.com\/?p=573593"},"modified":"2024-06-11T08:36:44","modified_gmt":"2024-06-11T08:36:44","slug":"29-3-million-whale-xrp-price","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ripple\/29-3-million-whale-xrp-price\/","title":{"rendered":"Massive $29.3 Million Whale Transfer Threatens XRP Price With More Sell Pressure"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The XRP price has yet to recover from the latest exploit, which resulted in Ripple&#8217;s co-founder Chris Larsen being hacked and 213 million XRP worth $120 million carted away. This seems to have further spooked a depleting whale account base, as on-chain data points to XRP whales already exiting their positions in the past few weeks.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Particularly, on-chain data from whale transaction tracker WhaleAlerts points to <\/span><a href=\"https:\/\/x.com\/whale_alert\/status\/40745912?s=20\" rel=\"nofollow\"><span style=\"font-weight: 400\">a recent transactio<\/span><\/a><span style=\"font-weight: 400\">n of 29 million XRP tokens transferred from an unknown wallet to the crypto exchange Bitstamp.<\/span><\/p>\n<h2>Massive XRP Whale Transfer To Crypto Exchange<\/h2>\n<p><span style=\"font-weight: 400\">The actions of whales or large holders of cryptocurrencies seem to always tell the nature of general market sentiment. XRP, for instance, has been under selling pressure in the past week, as the crypto is currently down by 5.51% in a 7-day timeframe.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/link\/chainlink-link-price-bullish-flag\/\">Chainlink (LINK) Price Breaks Out Of Bullish Flag Pole, Here\u2019s The Next Target<\/a><\/div>\n<p><span style=\"font-weight: 400\">However, recent data points to <\/span><a href=\"https:\/\/wncen.com\/analysis\/xrp\/xrp-price-red-0-500\/\"><span style=\"font-weight: 400\">continued selling pressure<\/span><\/a><span style=\"font-weight: 400\"> in the near term. For instance, according to whale alerts, 29 million XRPs worth $14.7 million were sent to Bitstamp. Similarly, 28.85 million XRP worth $14.6 million was sent to Bitstamp in another transaction. The nature of these transactions likely points to whales dumping their holdings, and moves like this could foreshadow further declines.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">\ud83d\udea8 28,850,000 <a href=\"https:\/\/twitter.com\/hashtag\/XRP?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#XRP<\/a> (14,628,631 USD) transferred from unknown wallet to <a href=\"https:\/\/twitter.com\/hashtag\/Bitstamp?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitstamp<\/a><a href=\"https:\/\/t.co\/ujvPfK3ezM\" rel=\"nofollow\">https:\/\/t.co\/ujvPfK3ezM<\/a><\/p>\n<p>\u2014 Whale Alert (@whale_alert) <a href=\"https:\/\/twitter.com\/whale_alert\/status\/51783251?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 5, 2024<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">On-chain data from Santiment Supply by Addresses metric, which tracks the number of wallet addresses holding more than 1 million XRP tokens, tells a similar tale. According to this metric, the number of addresses in this category saw a steady increase, reaching 1,986 on January 28. This figure dropped to 1,957 on February 3rd, which indicated that 29 whale wallets cut down on their holdings during this period. At the time of writing, the metric stands at 1,962 wallets.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-573598 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/XRP-Price.png?w=460&#038;resize=460%2C210\" alt=\"XRP Price\" width=\"460\" height=\"210\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/XRP-Price.png?w=512 512w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/XRP-Price.png?w=460 460w\" sizes=\"(max-width: 460px) 100vw, 460px\"><\/p>\n<pre style=\"text-align: center\">Source: Santiment<\/pre>\n<h2>XRP Price Selling Pressure To Continue?<\/h2>\n<p><span style=\"font-weight: 400\">XRP recently crossed below $0.5 for the first time since October after news of the hack broke out. However, the price has since made a slight recovery from $0.49 and is trading at the $0.50 level at the time of writing.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-45000-30000-decision\/\">Bitcoin To $45,000 Or $30,000? Analyst Reveals Key Factor That Will Drive The Decision<\/a><\/div>\n<\/div>\n<p><span style=\"font-weight: 400\">Despite seeing a 27.43% increase in trading volume, the XRP price has failed to post gains in the past 24 hours and is down by 0.35%. On a larger timeframe, the crypto is down by 10.6% in 30 days, with price movement indicating the formation of lower highs and lower lows. Consequently, if the selling pressure continues and the current minor support at $0.501 fails to hold, XRP could break below to form a lower low around $0.48<\/span><\/p>\n<p><a href=\"https:\/\/wncen.com\/analysis\/xrp\/xrp-price-rally-to-22\/\"><span style=\"font-weight: 400\">According to crypto analyst<\/span><\/a><span style=\"font-weight: 400\"> EGRAG CRYPTO, known for his bullish stance on XRP, the current decline is a perfect opportunity to <\/span><a href=\"https:\/\/wncen.com\/analysis\/xrp\/xrp-highest-whale-accumulation\/\"><span style=\"font-weight: 400\">accumulate more tokens<\/span><\/a><span style=\"font-weight: 400\"> while suggesting the XRP price could spike to $22 very soon.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/UiO4y8bU\/\" alt=\"XRP price chart from Tradingview.com\" width=\"3286\" height=\"1530\"><\/p>\n<pre style=\"text-align: center\">XRP price struggles amid unfavorable market headwinds | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">XRPUSD on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from U.Today, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The XRP price has yet to recover from the latest exploit, which resulted in Ripple&#8217;s co-founder Chris Larsen being hacked and 213 million XRP worth $120 million carted away. This seems to have further spooked a depleting whale account base, as on-chain data points to XRP whales already exiting their positions in the past few weeks.\u00a0 Particularly, on-chain data from whale transaction tracker WhaleAlerts points to a recent transaction of 29 million XRP tokens transferred from an unknown wallet to the crypto exchange Bitstamp. Massive XRP Whale Transfer To Crypto Exchange The actions of whales or large holders of cryptocurrencies seem to always tell the nature of general market sentiment. XRP, for instance, has been under selling pressure in the past week, as the crypto is currently down by 5.51% in a 7-day timeframe.\u00a0 Related Reading: Chainlink (LINK) Price Breaks Out Of Bullish Flag Pole, Here\u2019s The Next Target However, recent data points to continued selling pressure in the near term. For instance, according to whale alerts, 29 million XRPs worth $14.7 million were sent to Bitstamp. Similarly, 28.85 million XRP worth $14.6 million was sent to Bitstamp in another transaction. The nature of these transactions likely points to whales dumping their holdings, and moves like this could foreshadow further declines. \ud83d\udea8 28,850,000 #XRP (14,628,631 USD) transferred from unknown wallet to #Bitstamphttps:\/\/t.co\/ujvPfK3ezM \u2014 Whale Alert (@whale_alert) February 5, 2024 On-chain data from Santiment Supply by Addresses metric, which tracks the number of wallet addresses holding more than 1 million XRP tokens, tells a similar tale. According to this metric, the number of addresses in this category saw a steady increase, reaching 1,986 on January 28. This figure dropped to 1,957 on February 3rd, which indicated that 29 whale wallets cut down on their holdings during this period. At the time of writing, the metric stands at 1,962 wallets. Source: Santiment XRP Price Selling Pressure To Continue? XRP recently crossed below $0.5 for the first time since October after news of the hack broke out. However, the price has since made a slight recovery from $0.49 and is trading at the $0.50 level at the time of writing.\u00a0 Related Reading: Bitcoin To $45,000 Or $30,000? Analyst Reveals Key Factor That Will Drive The Decision Despite seeing a 27.43% increase in trading volume, the XRP price has failed to post gains in the past 24 hours and is down by 0.35%. On a larger timeframe, the crypto is down by 10.6% in 30 days, with price movement indicating the formation of lower highs and lower lows. Consequently, if the selling pressure continues and the current minor support at $0.501 fails to hold, XRP could break below to form a lower low around $0.48 According to crypto analyst EGRAG CRYPTO, known for his bullish stance on XRP, the current decline is a perfect opportunity to accumulate more tokens while suggesting the XRP price could spike to $22 very soon. XRP price struggles amid unfavorable market headwinds | Source: XRPUSD on Tradingview.com Featured image from U.Today, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":573601,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16894],"tags":[3680,17209,4531,83637,13172,16289,91565,87391,10972,78763],"class_list":["post-573593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-ripple","tag-ripple-news","tag-xrp","tag-xrp-news","tag-xrp-price","tag-xrp-price-prediction","tag-xrp-sell-pressure","tag-xrp-whale","tag-xrpusd","tag-xrpusdt"],"acf":[],"yoast_head":"\n<title>Massive $29.3 Million Whale Transfer Threatens XRP Price With More Sell Pressure<\/title>\n<meta name=\"description\" content=\"The XRP price has yet to recover from the latest 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