One of the most well-known cryptocurrencies by market capitalization, XRP, sparked a wave of conjecture on Wednesday in the wider cryptocurrency space after revealing yet another noteworthy whale transaction. According to on-chain data that has surfaced over the crypto horizon, a whale just dumped enormous sums of XRP to a CEX, which has attracted a lot of attention worldwide. Meanwhile, more implications for the cryptocurrency appear to be emerging as the transaction surfaced in the midst of the negative trend of the Ripple-backed token. Concurrently, it seems that the token's latest decline to $0.51 is replicating the whale movement that occurred today.

XRP Whale Dump: Comprehensive Analysis

Whale Alert, a blockchain tracking platform, recently disclosed that an unidentified address sent a whopping 29.5 million XRP to Bitstamp, a CEX located in Luxembourg City. Furthermore, as of this writing, the total money transferred was an astounding $14.95 million.

Significant attention was drawn to the wallet address, r4wf7enWPx…5XgwHh4Rzn, by traders and investors when it was registered and made the aforestated transfer. Simultaneously, the price of XRP reflected the whale trade and is currently in a collapse.

Curiously, the precise address seems to have offloaded a sizable quantity of XRP in the past, which fits well with the recent decline in the token's price. Following Ripple's recent acquisition of a share in Bitstamp, the whale's transactions are increasing, as previously reported by CoinGape media.

As the token has recently declined, the dumping tale has emerged, contributing to the worryingly pessimistic market emotions for XRP.

The price of XRP drops

As of the time of writing, the price of XRP has dropped significantly over the last day—by 1.95%—and is now trading at $0.5159. In addition, the token's weekly chart showed a decline of 9.59%, which was followed by a monthly decline of 16.43%. The token's trading volume did, however, see a 25.72% increase, hitting $1.42 billion today.

In keeping with this, well-known cryptocurrency market expert Cryptoes provided additional insight into the token's present market conditions. Cryptoes claims that XRP is dependent on "HUGE" weekly support. Furthermore, the cryptocurrency remains below the EMA 50, 200, and 21MA. This was in line with the token's recent bearish trajectory, which led to more global speculation among investors and dealers in the cryptocurrency market.