10% Weekly XRP Price Gain Inspires Significant Whale Transfers To Centralized Exchanges

Ripple XRP/USD saw a 10% surge in its weekly price movement as it took to unlocking 1 billion XRP in three escrow accounts as part of its usual monthly practice.

What Happened: Blockchain tracker, Whale Alert data as reported by CoinGape indicated that an unidentified wallet transferred 50 million Ripple tokens to centralized exchanges, Bitstamp and Bitso, on Nov.3, 2023.

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An unknown wallet first transferred 25.4 million XRP tokens worth $15.42 million to Bitso and then the same wallet address moved the same number of tokens to Bitstamp. Such significant transfers of XRP tokens indicate a sell-off by the investor.

Price Action: At the time of writing, XRP is trading 0.8% down while the past week has seen the token surging 10.4%. Meanwhile, the last 24-hour trading volume saw a 14% drop.

Other Developments: Last week also Ripple transferred 28.5 million and 27 million XRP tokens (worth $30.5 million) respectively to the Bitso and Bitstamp crypto exchanges.

Also, Ripple unlocked another 1 billion XRP from its escrow accounts in three separate transactions this week. It is a customary practice initiated by Ripple on the first day of each month since 2018.

Separately, Ripple announced teaming up with the National Bank of Georgia to advance the pilot of its central bank digital currency project, Digital Lari, CoinTelegraph reported. The partnership will include implementing and deploying the digital Lari pilot initiative through the Ripple CBDC Platform.

Yesterday, Ripple announced that the Dubai Financial Services Authority (DFSA) approved the digital asset XRP for use within the Dubai International Financial Centre (DIFC).

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