XRP Price Drops To IDR 8,700, Crypto Whale Moves More Than 100 Million Coins

Crypto whales move large numbers of XRPs when the price drops. (Photo; Doc. InsideBitcoins)

JAKARTA - XRP, a cryptocurrency developed by Ripple Labs, is again in the spotlight on the global crypto market on Monday, January 8, 2024, after the large number of XRP transfers were detected.

The Whale Alert, a platform that tracks blockchain activity, shows there have been 126.7 million XRP coins transferred between wallets and crypto exchanges in the past 24 hours.

This whale transfer raises speculation among crypto enthusiasts, especially as the price of XRP has also decreased. At the time of writing, the price of XRP fell 1.60% to $0.5589 (Rp 8,700) per coin, with a weekly decline of 8.55% and a monthly decrease of 13.47%.

Whale Alert reported two striking XRP transactions that occurred recently. The first transaction was the transfer of 26.7 million XRP coins from an unknown wallet, r4wf7enWPx...5XgwHh4Rzn, to Bitstamp, a crypto exchange based in Luxembourg. This transaction is worth around $14.9 million (Rp 231.5 billion).

The second transaction, the transfer of 100 million XRP coins from Ripple to an unknown wallet, RP4X2hTa7A...7XZ63sKxxv3. This transaction is worth around $55.9 million (Rp 867.5 billion). It is not yet known who the unknown wallet owner is, and what is the purpose of this whale transfer.

XRP Price Weakens

Meanwhile, the price of XRP continues to weaken as selling pressures increase in the crypto market. According to crypto analyst Cryptoes, the price graph XRP shows that this token is below 21MA, which is an indicator of bearish trend. He also stated that the closure of the daily candlestick below the level of $0.56 (Rp 8,700) would strengthen the bearish signal.

For additional information, XRP is a cryptocurrency designed to facilitate cross-border payments quickly and cheaply. XRP is one of the oldest and largest cryptocurrencies in the world, with a market capitalization of around IDR 467 trillion according to a Coingecko report.