Whale Dumps 24 Mln XRP Amid Fake BlackRock ETF Frenzy, Price Nears $0.7

Whale Dumps 24 Mln XRP Amid Fake BlackRock ETF Frenzy, Price Nears $0.7

Whale Alert, a crypto tracking platform, recently unveiled data showcasing massive whale transfers revolving around the XRP token as of today, November 14. The whale transaction intrigued both crypto traders and investors as the token surprisingly sparked a frenzy in the broader crypto markets shortly afterward.

XRP, a cryptocurrency backed by Ripple Labs, is once again creating quite a buzz in the crypto realm amid the constant price fluctuations portrayed by the cryptocurrency following its fake spot ETF speculations and schedules for remedies discovery and briefing orbiting the Ripple and US SEC lawsuit.

Whale transferring XRP To CEX

According to the data revealed by Whale Alert, an unknown wallet, r4wf7enWPx…5XgwHh4Rzn, transferred 24 million XRP to Bitstamp, a digital asset exchange headquartered in Luxembourg City. The tokens transferred amounted to $15.61 million as of writing. The transfer of coins to CEX possibly indicates a sell-off as the amount of tokens circulated surges.

As reported by CoinGape media earlier, the same wallet has caught the eyes of many crypto enthusiasts as it has reshuffled colossal amounts of XRP to date.

Furthermore, shortly after the whale transferred coins to Bitstamp, the price jumped 15%, showcasing an unusual outcome following the deposit of tokens to exchanges. This respective price surge was found to be linked to a fake spot XRP ETF backed by BlackRock, which appeared on the Delaware investment trusts registration website.

Also read: XRP Lawsuit: Judge Analisa Torres Signs Order On Remedies Discovery And Briefing

XRP Price Flux: Know Everything

As of writing, the XRP price witnessed a marginal jump of 1.85% over the past twenty-four hours, reaching $0.6645. However, over the past seven days, the price plunged 3.99%, as per market charts. Furthermore, the trading volume saw a whopping 221.99% increase while writing.

The aforementioned price fluctuations seem to come in alignment with the recent announcement by Judge Torres, scheduling a remedies discovery and briefing in the Ripple lawsuit, along with Blackrock confirming that the token’s trust filing on Delaware’s investment trusts registration website was fraudulent.

Also read: Bloomberg: BlackRock XRP Trust Filing Is Real But Fraudulent, XRP Price Jumped 15%

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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