A leading provider of digital asset infrastructure, Ripple, performed a large-scale XRP transfer earlier today. Whale Alert, a cryptocurrency tracking service, discovered the transfer and disclosed that the firm had transferred an astounding 100 million XRP tokens to an unidentified wallet. These tokens are valued at around $54.5 million based on the current price of XRP.
This transfer’s mysterious characteristics have sparked discussion in the community. Holders of XRP are attempting to understand this change, and potential explanations for it are being discussed. It is important to remember that significant transactions like this one can affect market fluctuations, and the effects may be amplified if Ripple is involved.
Other Significant XRP Dumps
Whales are working hard today transferring a significant amount of XRP in addition to Ripple. In a follow-up tweet, Whale Alert disclosed that a whale had moved 29.1 million XRP to the cryptocurrency exchange platform Bitso. The estimated value of this transaction, based on the current price of XRP, is $15.8 million.
Considering the sideways swing in the coin’s price, it seems like whales are selling off their holdings of XRP. Since the entire cryptocurrency market has entered a prolonged correction phase, there is a general sense of negativity in the market. Although whales are known to be resilient and keep currencies, it appears that they are becoming impatient in the current unstable climate.
XRP Price Movement
As of the time of publication, XRP has dropped 2.44% over the previous day to reach $0.537. It looks like additional declines are in store now that it has lost its support at the $0.55 mark. In the final few days, XRP was doing a good job of maintaining this important level, but bear pressure ultimately prevailed.
During this period, XRP’s entire market value has decreased by 2.47% and is currently at $30 billion. Furthermore, during the previous day, there were almost $942,000 in liquidations for the coin linked to Ripple. During this period, long traders have suffered the most, with $925,000 in total liquidations.
Final Thoughts
Ripple’s recent transfer of 100 million XRP has raised significant questions within the crypto community, particularly due to its mysterious nature and potential market impact. Such large-scale transactions often lead to speculation, as they can influence market sentiment, especially when Ripple, a key player in the XRP ecosystem, is involved.
This comes at a time when other whales are also offloading their XRP holdings, indicating a broader trend of sell-offs amidst the ongoing market correction. Given XRP’s recent price decline and loss of key support levels, the market appears to be reacting cautiously, with further downward pressure expected.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.