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Ripple Transfers Astonishing XRP Sum, Here's Price Reaction

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Wed, 17/01/2024 - 11:26
Ripple Transfers Astonishing XRP Sum, Here's Price Reaction
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Prominent blockchain tracking platform Whale Alert detected two large cryptocurrency transfers made by Ripple blockchain decacorn as it transacted more than 100 million XRP, and part of it was definitely sent to be sold.

Meanwhile, the XRP price has again failed to break through the $0.58 resistance and was pushed back down over the past 24 hours.

Ripple shoveled mammoth-sized XRP amount

Whale Alert spread the word about two massive XRP transactions spotted within the last 24 hours. One of them was performed by Ripple Labs cryptocurrency behemoth as it transferred 80,000,000 XRP from its wallet to a blockchain address tagged by the aforementioned data platform as “unknown.” That was the equivalent of $46,180,757 in fiat.

Data shared by the XRP-focused Bithomp data platform shows that the unknown wallet is also related to Ripple. On Jan. 10, this address also received 80,000,000 XRP from Ripple and then sent it on in an unknown direction.

The other transaction was conducted by an anonymous wallet to the major exchange Bitstamp and carried 25,700,000 XRP – an amount of crypto evaluated at $14,834,745.

Ripple selling or filling in ODL?

However, Bithomp’s data says that the sender wallet r4wf7enWPxyHtbizyV7ZHiZi5XgwHh4Rzn is also related to Ripple, which makes this “anonymous” transaction one also initiated by the cryptocurrency decacorn.

Two reasons can explain the second transaction. The first one is that Ripple indeed plans to sell the 25.7 million XRP. The second one is that Bitstamp has been a long-term partner of Ripple in supporting the latter’s system of international transactions. It runs on RippleNet, utilizes XRP and, until the fall of 2023, it was known as “On-Demand Liquidity” (ODL).

Later, it was rebranded as simply “Ripple Payments” in order to attract more customers and make the product easier for outsiders to understand.

Related

XRP price stuck in range

Meanwhile, XRP continues its attempts to break out of the $0.58 range and leave this resistance level behind. After increasing by 4.53% over the weekend, XRP reached the $0.59 level, but then it reversed and began to go down.

The price decline from Sunday until now has constituted 3.66%, while XRP has three times made strong attempt to go up, but each time it was thrown down from the $0.58 level, facing a strong resistance wall.

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