According to recent data provided by Whale Alert, a popular service that tracks large cryptocurrency transactions, $10.3 million worth of XRP was recently transferred from an unknown wallet to the Bitstamp exchange.
Some community members have treated this as a harbinger of a significant price decline.
The Ripple-affiliated cryptocurrency is currently changing hands at $0.54, according to data provided by CoinGecko.
Gamza KhanzadaevThis is the first XRP transfer to the Bitstamp exchange that has been recorded by Whale Alert since Oct. 8. The previous transfer took place on Oct. 8.
Earlier this month, there was also a large XRP transfer of a whopping $27.3 to the Bitso exchange.
In September, Ripple co-founder Chris Larsen also unnerved some members of the XRP community with his latest transfers.
XRP's big week
This October was off to a terrible start, with the U.S. Securities and Exchange Commission filing an appeal in the Ripple case. The token saw a sharp price drop, but the sell-off expectedly turned out to be short-lived.
Ripple then went on to hit back at the controversial regulatory agency with a cross-appeal.
It remains unclear whether the legal status of XRP will be under threat, but Ripple appears to be confident that this will not be the case.
In the meantime, the company is preparing to kick off its annual Swell event, which will take in Miami on Oct. 15 and Oct. 16.
Swell used to be a major bullish catalyst for the XRP token. However, this was not the case in recent years. However, the token might still experience a price jump due to improving cryptocurrency market sentiment.
Vladislav Sopov
Dan Burgin
U.Today Editorial Team