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Ripple Sells Millions of XRP at Loss as Price Goes Down

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Fri, 17/11/2023 - 9:57
Ripple Sells Millions of XRP at Loss as Price Goes Down
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Crypto tracking platform Whale Alert has detected two large XRP transactions made by an anonymous wallet to major exchanges Bitstamp and Bitso.

With these transfers, more than 51,000,000 XRP coins were shoveled. Details of these transactions, however, suggest that the sender wallet may be affiliated with Ripple Labs blockchain behemoth.

Also, transfers to the exchanges, with a likely goal of selling those millions of XRP, coincided with a 5.11% drop in the XRP price. In this case, the aforementioned wallet made a massive XRP sale at a loss.

Close to 52 million XRP on the move, price declines

Per data published by Whale Alert, unknown wallet r4wf7enWPxyHtbizyV7ZHiZi5XgwHh4Rzn moved lumps of 25,400,000 XRP and 26,200,000 XRP roughly 11 hours ago. The millions of XRP were sent to Bitstamp and Bitso exchanges, respectively – a total of 51,600,000 XRP worth $31.7 million in fiat.

In the meantime, the price of the Ripple-affiliated XRP coin demonstrated a 5.11% decline since Thursday as it dropped from the $0.65098 level and is now changing hands at $0.61576.

This week has been rough for XRP as it first plunged more than 12% on Monday after BlackRock fund manager dismissed scam rumors about it filing for an XRP-based ETF. Then another 10% drop came on Tuesday as the case with the fraudulent XRP ETF filing was transferred to the U.S. Department of Justice.

This case with a fake XRP ETF filing became a target for memes which, these days, is a likely sign that demand for such an exchange-traded fund would perhaps be quite high among investors and traders.

Related
Massive 50,000 XRP Giveaway Launched by Uphold

Here's where Ripple's shadow is seen on transfers

XRP-centered explorer Bithomp revealed that the aforementioned r4wf7enWPxyHtbizyV7ZHiZi5XgwHh4Rzn wallet is linked to the fintech heavyweight Ripple based in San Francisco.

Therefore, this 51,600,000 XRP transfer was likely to have been made not for the sake of selling and adding fiat funds to Ripple's balance but as transactions to support the Ripple Payments liquidity supply.

Ripple Payments used to be known to the crypto community as On-Demand Liquidity (ODL), but it was rebranded earlier this year to make it easier for outsiders to understand quickly what this system is about.

Ripple Payments runs on RippleNet, and it is powered by XRP, which is the core element of transactions here, and they do not require dealing with prepaid accounts as opposed to money transfers conducted by traditional banks. This system currently operates in more than 70 countries around the world, according to data shared by Ripple chief Brad Garlinghouse at the recent annual Swell event in the UAE.

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