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XRP Faces Price Challenges as Whale Moves Millions

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XRP Outlook: Analysts Forecast Surge Despite Recent Market Dip

A recent financial audit has unveiled a significant transaction where a whale moved 240.85 million XRP to an unknown wallet, coinciding with XRP’s ongoing struggle to maintain the $0.53 price level.

On-chain data from Whale Alert, a blockchain tracking service, revealed the whale transaction valued at $127 million. This transaction was executed from Coincheck, a Japanese exchange, with the recipient address remaining unidentified.

Detailed Breakdown Of the XRP Transaction

According to blockchain records, this significant transfer occurred today at 07:13 UTC. Interestingly, this is not an isolated event. Reports indicate that the same recipient wallet was involved in another major transfer just days earlier. Crypto Basic reported on Monday that Coincheck moved 250 million XRP, valued at $129,015,796 at that time, to the same wallet. 

Related article: XRP Chart Signals Bullish Pattern: Brace for a Potential $7.5 Price Surge?

This consistent high-volume transfer activity to this recipient address has garnered considerable attention. Coincheck’s association with the recipient wallet traces back to February 2024, when the exchange initially activated the wallet. Since that time, this address has continuously received large XRP transfers from the Japanese exchange. 

Related article: XRP Whale Activity: Coincheck and Ripple’s Significant Transfers

Records suggest that the wallet belongs to Coincheck, implying that these transactions might be in-house movements. Notably, the wallet has only moved out 300,000 XRP since its activation, raising questions about its purpose and the ultimate destination of the funds. Currently, the wallet holds 602 million XRP tokens.

XRP Price Struggles Amid Market Lull

The latest whale transaction takes place as XRP battles to reclaim and retain the $0.53 price threshold amidst a market lull. Currently, XRP’s price stands at $0.5248, reflecting a 1.95% decrease over the past 24 hours. Additionally, trade volume in the same period is $1,128,713,764, marking a 30.05% decrease.

These developments highlight the ongoing volatility and significant movements within the XRP market, particularly as major transactions continue to influence the landscape.

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