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Ripple Shovels 132 Million XRP, Community Shows Concerns About Potential Sell-Off

Tue, 09/12/2023 - 10:40
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Yuri Molchan
Fintech behemoth has shifted more than 100 million XRP, causing wave of concern among community
Ripple Shovels 132 Million XRP, Community Shows Concerns About Potential Sell-Off
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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.

XRP, SOL, ETH Among Key Assets in FTX’s $3.4 Billion Liquidation Plan

XRP 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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at