Ripple Sparks Sell-Off Fears By Moving 148M XRP On-Chain Amid 6% Price Drop
With its recent transaction, the blockchain company Ripple has sparked new fears within the crypto community. The firm recently moved about 148 million of its native coin, XRP, amid almost a 6% drop in the asset price.
Ripple Moves Millions Of XRP Coins, Sparks Sell-Off FearsAn on-chain data provider, Whale Alert, captured a minimum of three such massive token transfers in its data. Notably, each transaction represents different amounts or values of the coins.
Moreover, the fund movements involved two prominent crypto exchanges, Bitso and Bitstamp, closely associated with Ripple. The transfer to these exchanges was two of the three transfer transactions.
According to data from Whale Alert, the largest of three transactions involved Ripple's transfer of 100 million XRP worth over $66.074 million, priced at $0.6607 each.
- Whale Alert (@whale_alert) November 9, 2023
Though the transaction involved a huge amount, it raised no eyebrows or criticism in this system. Ripple moved the tokens to one of its wallets on the XRP Ledger (XRPL).
Whale Alert noted that the second transaction involved the transfer of 23.4 million XRP worth $15.15 million. The blockchain firm completed the movement at $0.6475 per XRP coin.
- Whale Alert (@whale_alert) November 9, 2023
However, Ripple moved the funds from one of its associate wallets, R4w...Rzn," to the Bitstamp crypto exchange. Like most blockchain transactions, Ripple's transfer to the exchange didn't specify any reason.
However, many assume it could be for a liquidation. The third fund movement came from the same Ripple wallet to the Bitso crypto exchange. The transaction involved the movement of 24.7 million XRP coins worth almost $15.97 million.
- Whale Alert (@whale_alert) November 9, 2023
All the addresses involved in Ripple's recent fund movements indicate a normal level of activity. This means that the transfers could have a specified agenda. The receiving Ripple wallet involved in the largest transfer amount has a total reserve of 112.51 million XRP coins.
The Bitstamp recipient address currently holds 62.65 million XRP, indicating less activity of funds from the holder. The active address among the three recipients is the Bitso wallet. Besides the one-off 24.7 million XRP transaction, the account has witnessed some small inflows and outflows of XRP coins.
XRP Price Records Almost 6% DipThe price trends for XRP indicate a gradual decline in the token's value. This could be due to the recent huge transfers from the asset's whales.
As of 07:12 AM EST today, November 10, XRP is trading at $0.6565, reflecting a 5.65% decrease over the past 24 hours. Also, its market cap has plummeted to $35.15 billion.
However, XRP recorded a staggering 63.27% increase in its 24-hour trade volume of $3.17 billion.
Though the increased trade volume highlights more activity from XRP whales, the price dip could create an element of fear for some investors.Notably, XRP transactions from Ripple and other XRP whales are common.
So, despite XRP's present price dip, there could still be a significant rally in the future once the bulls step in.
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