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XRP Declines to $0.37 as Whales Move 440.3 Million Tokens

News
Thu, 05/12/2022 - 10:33
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Yuri Molchan
Whales have wired close to 450 million XRP between exchanges, while the coin's price lost 29.5% within 24 hours
XRP Declines to $0.37 as Whales Move 440.3 Million Tokens
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While the sixth largest cryptocurrency, XRP, has seen a significant drop in price, large crypto investors have shifted nearly half a billion of these Ripple-affiliated tokens between exchanges, according to Whale Alert crypto tracker.

The single biggest lump of XRP sent was 300 million.

XRP plunges 29.5%, following Bitcoin

XRP token has demonstrated a massive fall of nearly 30%, collapsing from $0.5154 to the current level of $0.3626, following the flagship cryptocurrency, Bitcoin, which slipped by over 16% since yesterday, touching the $26,300 low on the Bitstamp exchange.

XRPfalls26_00
Image via TradingView

By now, BTC has recovered roughly 5%, returning to the $27,600 level.

Ethereum has also been going down, falling below the $2,000 mark and sitting at $1,900 at press time.

The market has also been stunned by the collapse of the Terra UST algorythmic stablecoin, which plunged below $0.5, losing its USD peg. The native coin of the network, LUNA, also plummeted shamelessly—going below $1 from the recent all-time high of $119.28.

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Charles Hoskinson Says This Crypto Winter Will Take Months to Find Its Bottom

Whales shift 440 million XRP

The aforementioned crypto tracking platform, Whale Alert, stated that in the past 24 hours, nearly half a billion XRP tokens have been shoveled between various centralized crypto exchanges.

Bitstamp and crypto custodial service BitGo have exchanged around 80 million XRP tokens, while the biggest trading platform, Binance, has shifted a staggering 300,000,000 XRP internally. A total of 60 million XRP were sent from Bittrex to Bitstamp as well.

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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 yuri.molchan@u.today.