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Ripple, a leading provider of digital asset infrastructure, made a massive XRP transfer earlier today. Crypto tracking service Whale Alert detected the transfer and revealed that the company moved a whopping 100 million XRP tokens to an unknown wallet. Based on the current XRP price, these tokens are worth around $54.5 million.
The mysterious nature of this transfer has initiated a debate in the community. XRP holders are trying to decipher this move, and there is a discussion about the possible reasons behind it. It is worth noting that major transfers like this can impact market movements, and if Ripple is involved, then it can have stronger implications.
Along with Ripple, whales are also busy making some big XRP transfers today. Whale Alert shared another tweet about this transfer, revealing that a whale transferred 29.1 million XRP to crypto exchange Bitso. This transaction is estimated to be valued around $15.8 million, based on the current XRP price.
It appears that whales are offloading their XRP holdings, seeing the sideways price movement from the coin. Negative sentiment is prevailing in the market as the broader crypto market has entered an extended correction phase. While whales usually hold coins and remain strong, it looks like they are also losing patience in the current uncertain environment.
Will XRP price bounce back?
As of press time, XRP has dipped 2.44% to hit the $0.537 level in the last 24 hours. It has now lost its support around the $0.55 level, and it appears that more dips are in the cards. This was a crucial level, and XRP was holding it well in the last few days, but the pressure from bears got the better of it.
The total market capitalization of XRP is also down 2.47% during this time, now at the $30 billion level. Moreover, there have been around $942,000 in liquidations for the Ripple-associated coin over the past day. Long traders have suffered the most during this time, with $925,000 in total liquidations.
Denys Serhiichuk
Gamza Khanzadaev