Ripple And Bitvavo Wallets Move 514M XRP, Sparking Sell-Off Concern
The recent movements of millions of XRP tokens have sparked concerns within the crypto community. Notably, the Ripple (XRP) transactions are among the massive flows that indicated sell-off pressure for the crypto assets.
Notably, the whales suspected to be involved in the XRP transfers are Ripple, the company behind the token, and Bitvavo wallets.
Ripple's Consistent Transfers Of XRP To Bitstamp Destination WalletData from Whale Alert, a crypto whale transaction tracker, disclosed the recent activities of XRP whales. According to the data, Ripple Wallet completed the XRP transfer in two separate transactions.
Following Ripple's transaction, Bitvavo initiated another massive XRP transfer.
The first transaction involved a transfer of 75 million XRO coins worth $36.9 million from Ripple to an unknown wallet. The initial transaction occurred for $0.4923 per XRP token, which coincided with the period when XRP was under sell-off pressure.
- Whale Alert (@whale_alert) October 16, 2023
The second transaction from Ripple came seven hours after the first and to a Bitstamp-marked wallet address. The blockchain company transferred 30 million XRP tokens worth over $14.9 million to a Bitstamp-designated wallet.
Both transactions accounted for 105 million XRP tokens moved from Ripple's wallet.
- Whale Alert (@whale_alert) October 16, 2023
Notably, Bitstamp is a prominent destination for most of Ripple's transactions. Bitstamp has consistently been receiving inflows of XRP tokens from Ripple, amounting to over 130 million XRP coins.
While there are still no supporting facts if Bitstamp serves as a liquidation point for Ripple, using XRP as the driver for Ripple's ODL could be among the reasons behind the transfers. Notably, Bitstamp has been one of the notable partners of Ripple's On-Demand Liquidity (ODL).
Also, the frequency of Ripple's transfers to Bitstamp crypto exchange raises concerns about the motives behind it. On October 2, Ripple moved 47.5 million XRP tokens to Bitstamp and another 42.5 million XRP coins to the same wallet address on October 9.
Bitvavo Moved A Whooping 409M XRP TokensBesides Ripple, Bitvavo crypto exchange recently moved many XRP tokens. According to data from Whale Alert, Bitvavo transferred 409 million XRP coins worth more than $201.62 million to a new and mysterious wallet.
- Whale Alert (@whale_alert) October 17, 2023
Before now, Bitvavo has been among XRP whales and maintains activities involving vast volumes of XRP tokens. In August, it saw about 425 million XRP as inflow outside its several transfer transactions with the asset.
Ripple remained cautious in disposing of its XRP holdings amid the growing reactions regarding the recent massive transactions with XRP as a sell-off. The negative sentiments have exerted downward pressure on the token, evident in the slight decline recorded in the last 24 hours.
As of 08:33 AM EST on October 17, XRP trades at $0.4914, indicating a 0.86% 24-hour decline. Its 24-trading volume is up by 53.87%, with the value reaching $1.04 billion, hinting at a massive ongoing sell-off.
Nonetheless, XRP still occupies the fifth position by market cap, according to CoinMarketCap ranking.
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