The XRP price experienced a promising surge heading into October, briefly surpassing $0.54 as Bitcoin’s rally gained momentum. Nonetheless, this excitement was short-lived, as the altcoin faced a downturn, once again dropping to the $0.50 mark. This unexpected decline has been attributed to the actions of a significant whale investor.

XRP Price Tanks As Whale Sells Big:
When influential investors begin offloading their tokens, it invariably affects the prices of altcoins like XRP. However, the impact intensifies exponentially when these sellers are whales, holding large amounts of cryptocurrency.

On Monday, whale tracking platform Whale Alert unveiled a large transaction involving a single whale transferring a total of 28.5 million XRP tokens to the Bitstamp crypto exchange. The weight of this transfer—worth over $14.7 million at the time—significantly impacted market liquidity, leading to a decline in the XRP price. Given that the coins were sent to a centralized exchange, it suggests the intention to sell.

Not the First XRP Whale to Sell:
While Monday’s whale transaction drew significant attention, it was not the only instance of whale activity within the XRP market this week. On Sunday, Whale Alert reported a similar transaction, also involving 28.5 million tokens worth approximately $14.74 million, directed toward the Bitstamp exchange.

What’s intriguing is that this transaction occurred just an hour after Ripple initiated its scheduled token unlock on Sunday. Ripple had unlocked a total of 1 billion tokens, but 800 million of those have since been returned to escrow. The timing of the whale’s transaction suggests a deliberate strategy to coincide with the influx of new coins into circulation, likely anticipating a price decline.

Currently, the XRP price is grappling with a 2.33% decline within the last day. However, it has displayed modest gains of 1.94% over the past week, as per CoinMarketCap data. While market volatility and the influence of whale investors remain active elements in the altcoin’s price trajectory, it is vital for traders to monitor notable transactions and market trends to make informed decisions.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.