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The situation has started to get worrisome for XRP as selling pressure is increasing. The XRP price is also significantly down today as bears have taken control of the market. The more troubling thing is that XRP is one of the most poorly performing coins in the last few days. Coins like Bitcoin (BTC) also faced declines, but not major ones compared to XRP.
Amid this negative situation, XRP whales seem to be losing hope as they increase selling pressure. Crypto tracking service Whale Alert has detected three huge XRP transfers to top crypto exchanges. These potential sales have injected bearish sentiment into the market as no price gains are expected in the short term.
Increasing selling pressure
In the first transfer, a notable investor transferred about 17.94 million tokens from their private wallet to Bitstamp. This transaction is estimated to be worth around $10.2 million, based on the current XRP price. Shortly after, Whale Alert detected another big transfer from another major investor.
The second transfer carried around 22 million XRP tokens to the trading platform, Bitso. It was also transferred from the investor’s private wallet, and it is currently worth around $11.7 million. While the market already witnessed these two potential sales, Whale Alert later detected one more major XRP transfer from a major whale.
In the third transfer, about 20 million XRP tokens were sent from a private wallet to Binance, the biggest crypto exchange on the market. This transfer is estimated to be valued at $10.7 million. Collectively, almost 60 million XRP coins were transferred to three different crypto trading platforms, and they are valued at around $32.6 million.
The price of XRP has struggled amid these potential sales from whales. As of this publication, the Ripple-associated coin is trading at $0.5177. It has seen a massive crash of 11.59% during the last 24 hours. The current situation is serious for XRP, as the price seems to be going down further. If whales continue the selling pressure, the market may see more losses.
Alex Dovbnya
Arman Shirinyan
Dan Burgin