Recently, speculations of XRP, the cryptocurrency backed by Ripple Labs, stirred the crypto market as two whale transfers were observed. The data on the crypto horizon showed that 46.60 million XRP was moved to two centralized exchanges (CEXs) – Bitstamp and Bitso. The transfers were made from the same wallet address: r4wf7enWPx…5XgwHh4Rzn, which has made similar transfers in the past.
The transfers were likely a result of Ripple’s strategic collaboration with Bitstamp and Bitso, which use Ripple’s payment services. At the time of writing, XRP had dropped 1.95% and was trading at $0.633 with a 13.53% decrease in its trading volume over the past 24 hours.
Crypto analyst Cryptoes analyzed the situation and concluded that although XRP’s price had dropped below the white trend line, a return above it by Sunday night could lead to a great new year for the token.