Renowned Whale Continues XRP Dump, Shifts 71 Million Coins to Major CEXs

Against the backdrop of the crypto market downtrend, a prominent whale has continued to move substantial amounts of XRP from its wallet to popular cryptocurrency exchanges. This whale has reportedly shuffled millions of XRP in the last few months, raising concerns among investors.

While the XRP community hopes for a future price rally, the actions of large investors insinuate a lack of confidence in the future outlook of the asset. Following the recent dump, the price of XRP dropped as low as $0.39 before recovering back above to $0.4 level. Let’s take a look at the transaction in detail below.

Whale Transfers 71 Million XRP to Crypto Exchanges

Earlier today, Whale Alert, a popular crypto large transaction tracker revealed on X (formerly Twitter), that an XRP large investor has shifted about 71 million coins in two separate transactions. The whale, known by the wallet address “r4wf7…4Rzn” initiated the first transfer, carrying 35,800,000 XRP (valued at $15.8 million) to the Mexico-based crypto exchange, Bitso.

Shortly after, the entity moved another 35,100,000 XRP coins, worth $15.49 million, to the Luxembourg-based centralized exchange, Bitstamp. The total value of both transfers amounted to $31.2 million. This dump, coupled with other notable whale transactions has increased the selling pressure on XRP, driving its price down over the last week.

Coinformania has previously reported several transactions by this whale in the last few months, leading to wide speculations about the identity of the entity behind it. What is interesting is that the whale usually sends similar amounts to the aforementioned crypto exchanges. Some community members have linked the whale to the XRP-issuing firm, Ripple Labs since the transactions became steady after the blockchain company purchased undisclosed stakes in the exchanges.

XRP Price Amid Whale Dump

Meanwhile, XRP has joined the global crypto market in a significant downtrend that has seen millions wiped out from the value of coins in the last 24 hours. According to data from CoinMarketCap, XRP is currently changing hands at $0.419, representing a 5.58% decrease in the last 24 hours.

While the price of XRP deepens, its trading volume over the last 24 hours has jumped by 34.82% to $2.1 billion with a live market cap of $23.4 billion. Interestingly, it was mentioned that the $0.39 price level is now the POC (Point of Control) in a piece published today by the cryptocurrency market analyst Dark Defender. Since 2014, the majority of XRP transactions have occurred here, creating essential support given the present trend.