Ripple Shovels 132 Million XRP, Community Shows Concerns About Potential Sell-Off
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.
Whale Alert platform, which tracks large crypto transactions, has detected two massive XRP transfers, one of them made by San Francisco-based blockchain company Ripple Labs spearheaded by Brad Garlinghouse.
The tracker also spotted another large XRP transfer made to the Bitstamp exchange. Analytics data shows that it was also sent by Ripple. XRP is currently changing hands at $0.4732 after a 2% drop overnight and a decline of 5.75% over the past week, according to CoinMarketCap.
Ripple shifts 132 million XRP, community reacts
Per data provided by Whale Alert, the whopping 100,000,000 XRP was moved by Ripple to an anonymous address. Details provided by Bithomp (an XRP-focused platform) show that these 100 million coins hit another wallet belonging to Ripple and then were sent to another blockchain address of the same company.
In the comment thread, many members of the XRP community expressed their concerns about the nature of such a large crypto transfer.
One X user wrote, "Do I smell settlement?????" prompting a reply from another user, "No you smell sell off." Account owner @EvanLeeDyer noted that XRP is now trading at the price level it occupied before Ripple's win in court over the SEC.
The second XRP transaction was made by Ripple to the Bitstamp exchange - 32,000,000 XRP. Earlier this week, two similar-sized XRP transactions were spotted as well, moving XRP from Ripple to Bitstamp. Several similar transfers were made by Ripple over the past few weeks as well, moving slightly under/over 30 million XRP to the aforementioned exchange. Thus, overall, within the last 24 hours, Ripple heavyweight has transferred 132,000,000 XRP.
Alex DovbnyaXRP sees funds inflows from whales despite negative market sentiment
According to the recent weekly report by CoinShares, XRP and products based on it have seen an inflow of $0.7 million from institutional investors.
The same figure comes up as the funds inflow over the past month. As for investments made into XRP since the start of the year, this figure stands at $14 million. Overall, CoinShares has $58 million worth of XRP under management.
Per the same report, Bitcoin has seen the biggest outflow of institutional funds - $68.9 million over the past week, and $72.4 million has been withdrawn from BTC in the last month. Ethereum follows it with $4.8 million of weekly outflows. The champion that has attracted the largest amount of investment here is Short Bitcoin; $15.2 million has been put into it and products based on this asset within the last week.
Judging by the amount of cash invested in XRP, financial institutions are still eyeing it as a promising asset in the long term.
Related articles
Alex Dovbnya
Vladislav Sopov
Dan Burgin