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22.8 Million XRP Sell-Off? Major Exchange Transfer Coincides With Price Dip; Is It Time to Panic?

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Mon, 11/12/2023 - 8:45
22.8 Million XRP Sell-Off? Major Exchange Transfer Coincides With Price Dip; Is It Time to Panic?
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In a surprising turn of events, WhaleAlert has revealed a massive transfer of 22.8 million XRP tokens, valued at $14.23 million, from an undisclosed wallet to Bitstamp, one of the crypto market's oldest exchanges.

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The mysterious wallet, created just this January, has a track record of multiple transactions involving both Bitstamp and Mexican exchange Bitso. 

Intriguingly, both platforms share a common thread — they are avid users of Ripple services, particularly the Ripple Payments service, and boast a longstanding collaboration with the renowned crypto company.

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Notably, the anonymous wallet still retains over two million XRP, raising speculation about its potential affiliation with Ripple. The timing of this substantial transfer, which may be related to Ripple's operations, raises eyebrows as it precedes a noteworthy dip in XRP's value. 

In hours of the transfer, the XRP price plummeted by 8.1%, revisiting levels last witnessed in early December.

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XRP to USD by CoinMarketCap

CoinGlass data reveals that this downturn resulted in a staggering $5.55 million in liquidations for long XRP positions, constituting a significant 97.7% of all liquidations — both short and long — over the past 12 hours. 

Currently trading at $0.623 per token, the XRP community is left in suspense, grappling with the question: Is this the onset of a panic or a golden opportunity to seize discounted assets?

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The market now stands at a crossroads, and all eyes are fixated on the unfolding events. As XRP holders grapple with uncertainty, the community eagerly awaits further developments to decipher whether this is a crisis or an opportune moment to seize. The unfolding saga promises to reveal itself in the coming days.

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