XRP Whales Move 127 Million XRP As Price Falls Below $0.56, What’s Happening?

Following two notable whale transactions on Monday, XRP, a Ripple-backed coin, gained substantial traction despite a price decline.

Following notable whale transfers detected by the token, XRP—a prominent cryptocurrency supported by Ripple Labs—once again sparked a tidal wave of speculation across the worldwide crypto ecosystem on Monday. The Ripple-backed seems to have tracked the movement of an unprecedented 126.7 million coins in the last day, according to new on-chain statistics revealed by a blockchain monitoring tool.

Crypto market aficionados appear to be closely watching the dynamics of the XRP market, especially since whale transactions have emerged in the market and the token’s price has dropped. In the meantime, XRP’s current market performance was further illuminated by a prominent crypto analyst, who fueled fresh conclusions about the token.

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An In-Depth Analysis of XRP Whale Transactions

Two notable transactions shuffled 126.7 million XRP today, January 8, according to the blockchain tracking tool Whale Alert. Also, a CEX and some anonymous wallets saw these funds moved around.

Notably, the transfer of 26.7 million XRP to Bitstamp, an exchange situated in Luxembourg City, was the initial transaction that aroused the curiosity of traders worldwide. In the second transaction, 100 million XRP were transferred from Ripple to a wallet that is not publicly disclosed.

The data shows that the previously mentioned sum was transferred to Bitstamp by an unknown wallet, r4wf7enWPx…5XgwHh4Rzn. The Ripple transfer was sent to an unidentified wallet with the address rP4X2hTa7A…7XZ63sKxv3.

As of this writing, the total amount of coins exchanged was $71.39 million, which is quite intriguing and has raised significant concerns among crypto market fans.

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A Drop in XRP Value

The price of XRP has dropped 1.60 percent in the last 24 hours and is now trading at $0.5589 as of this writing. In addition, there was a weekly decline of 8.55 percent and a monthly decline of 13.47 percent that occurred alongside this decline.

The unfavorable market performance of XRP was further highlighted by crypto expert Cryptoes, who agreed with this assessment. Cryptoes reports that the token’s market charts show that it has fallen below the 21MA. He goes on to say that the candle closure suggests a bearish trend for the token, which leads to further speculation about its future.