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In a significant move in the cryptocurrency market, over 59 million XRP were reshuffled by whale accounts today. The activity was initially reported by CoinGape and Ripple News and further confirmed by Whale Alert, which monitors large cryptocurrency transactions.
The data showed that unknown wallets heavily participated in these transactions, sending more than 38 million XRP to centralized exchanges, specifically Bitso and Bitstamp. Concurrently, about 21 million XRP were moved out of Upbit, a centralized exchange, to an undisclosed wallet.
These transactions have led to contrasting market sentiments for XRP. The transfer of approximately 38 million XRP to centralized exchanges increased the number of circulating tokens, suggesting a bearish sentiment for the cryptocurrency. On the other hand, the movement of 21 million tokens out of Upbit indicated a decrease in circulation, hinting at a bullish sentiment.
Interestingly, despite an 11.99% drop in trading volume to 1.96 billion, the price of XRP marginally rose to $0.6966 today. This price change followed a weekly surge of almost 15.52%, aligning with Ripple Lab's successful confrontation with the US Securities and Exchange Commission (SEC) and its involvement in global Central Bank Digital Currency (CBDC) projects.
The reshuffling of such a substantial amount of XRP has sparked interest among crypto traders and investors, as they watch closely for potential impacts on the market dynamics and the price of XRP.
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