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XRP whales have started to shift their holdings amid the ongoing downward trend in the crypto market. Whale Alert, a crypto tracking and analytics service, tweeted that more than 100 million XRP tokens were transferred from an unknown wallet to another unknown wallet. The transfer is estimated to be worth around $52.9 million.
It is undoubtedly a huge movement, and there may be some implications of it. However, the exact reason behind this transfer cannot be determined as of now. It is not a sell-off, though, as the transfer is between two wallets. A sale happens when when coins are sent from private wallets to crypto exchanges.
This XRP transfer is most likely a strategic movement by the whale, as they may be shifting their position on the coin. Yet, such major token transfers can impact the market. Mysterious movements from crypto whales can lead to speculation in the community, which can add to negative sentiment among holders.
XRP price under pressure
The price of the Ripple-associated coin has been struggling in the past few weeks, following a broader consolidation trend on the crypto market. As of this publication, the XRP price is trading at $0.5322, after a minor jump of 0.33% in the last 24 hours. However, the price is down 9.71% in the last 30 days.
The past weekend saw one of the worst trading sessions as XRP even went near the $0.51 mark on Saturday. The broader market faced immense bearish pressure during this time, with Bitcoin (BTC), the leading coin on the market, going below the $53,000 level for a brief moment.
The Crypto Fear & Greed Index is currently at the 26 level, which means that there is fear among the trading community. This negative sentiment has emerged owing to a multitude of reasons, such as macroeconomic conditions. XRP is not immune to these things, hence, it is likely that it will remain in this consolidation phase for the time being.
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