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Ripple Moves 148 Million XRP On-Chain As XRP Price Dips 6%

source-logo  thecryptobasic.com 10 November 2023 10:50, UTC

In just 24 hours, wallets connected to Ripple Labs moved millions of XRP on-chain, sparking new rounds of selloff fears in the community as XRP collapsed 6%.

According to data from Whale Alert, at least three tranches of these transfers went on record, each valued at different amounts. Notably, Bitso and Bitstamp, two exchanges with a historical association with these transfers featured in two of the three transactions.

The Ripple XRP Transfer Trend Continues

Per Whale Alert, the largest transfers saw Ripple move 100,000,000 XRP valued at $66,074,002 or $0.6607 per coin. Despite its size, this transfer did not stir much controversy, as the firm moved the funds to another wallet it controls on the XRP Ledger.

The second XRP transfer spotted by Whale Alert features 23,400,000 XRP worth $15,152,357 or $0.6475 per asset moved. This is where things get interesting as this transfer originated from a Ripple-affiliated wallet, “R4w…Rzn,” with the funds moved to Bitstamp.

Though the purpose of the transaction, like regular blockchain transactions, remains unclear, current assumptions point to potential liquidation. Another 24,700,000 XRP transfer from the same Ripple address went to Bitso, further boosting selloff fears.

Each address involved in these transactions maintains a decent level of activity that shows the movement of the funds has a defined intention.

While the receiving Ripple address has a cumulative of 112.517 million XRP reserved, the Bitstamp recipient’s balance comes in at 62.653 million XRP, proving the owner has not appropriated the majority of the funds.

The Bitso recipient comes off as the most active of the trio, seeing it has made several smaller inbound and outbound XRP transfers besides the 24,700,000 XRP lumpsum.

XRP Price Reacts

It is worth noting that the price of XRP has slumped overnight, a trend that is linkable to massive whale transfers. XRP’s price at the time of writing comes in at $0.6488, down 6.68% overnight. This slump has derailed the coin’s trajectory, with its market cap now pegged at $34,894,517,824.

Despite this gloomy outlook, XRP still maintains a positive trading volume, a metric that has soared 64.4% to $3,229,157,609.

XRP whale transfers from Ripple and others are not uncommon on the XRPL, and the subsequent price movement is a knee-jerk reaction from market stakeholders. A bullish recovery should come as buyers might lean more toward the positive trends surrounding XRP.