The crypto community has continued to face severe price corrections as bearish sentiment appears to be reaching peak levels. At such a sensitive time as this, large crypto transactions moving across blockchains have continued to catch the attention of market participants.
On Tuesday, Feb. 24, popular blockchain monitoring platform Whale Alert, which tracks down large cryptocurrency transfers, spotted a massive crypto transaction involving the fourth largest cryptocurrency by market capitalization, XRP.
The data provided by the source revealed that the transfer, which has stirred discussions across the crypto market, saw a total of 95,935,471 XRP worth over $127 million move among two unknown wallets.
XRP whale pulls off mystery move
It is important to note that the nature of the transfer could not be confirmed as the sender and receiver of the large XRP transaction was not disclosed.
As such, speculation around the transaction has only sparked a selling narrative, with commentators suggesting that it could be Ripple selling or a major institution focused on XRP.
While investors have expressed resilience amid prolonged market volatility, the timing of the transfer has sparked more doubts and fears than hopes in the minds of investors, slowing optimism for a potential price resurgence.
The move was made while XRP was trading in deep red territory, showing a massive price decline of 5.36% over the last day. Notably, the asset is trading at $1.33 as of writing time, according to data from CoinMarketCap.
Considering the prolonged downturn in the price of XRP, it appears that the large transfer spotted earlier has not in any way impacted the asset’s price movement positively, suggesting that it was a sell attempt.
Dan Burgin
Vladislav Sopov