675 Million XRP on Move, While Price Drops 13% Within Week
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Leading digital currency tracker Whale Alert has spread the word on Twitter that over the past 30 hours, a staggering amount of XRP, nearly 700 million coins, has been transferred.
In the meantime, the XRP price has not been on the rise, falling by nearly 9% over the past seven days.
675 million XRP transferred
Whale Alert posted several blocks of tweets, announcing that a total of 675 million XRP had been sent by various large XRP holders and crypto exchanges.
The largest transactions here carried lumps of 179,500,000 XRP and 262,413,821 XRP. All the rest contained 40 million coins and just one moved around 60 million.
The transfer that carried 62,300,000 XRP worth $21,734,574 was conducted by a key Ripple partner for spreading the ODL technology, Bitso crypto exchange.
The transaction was performed between internal wallets of the crypto trading platform as it has often done this year, redistributing funds between its addresses.
It also received an inflow of 40 million XRP from an unknown user from the Bittrex exchange, according to data provided by the Bithomp XRP explorer.
The total worth of the transferred 675 million XRP amounted to $231,714,675 in fiat currency.
Arman ShirinyanXRP price performance
Since Friday, Dec. 16, the seventh largest cryptocurrency, XRP, has lost over 6%, printing manifold red candles, dropping from $0.36609 to the current level of $0.34295.
Over the past week, since Dec. 14, the XRP price has decreased by more than 13% as a sell-off was caused by a scheduled interest rate hike by the Fed. This time, it was raised by 50 basis points.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin