XRP Sees $70 Million Sell-Off in Seconds as Price Struggles to Recover

Following the recent crypto market downturn, many investors have lost confidence about the future price prospects of leading cryptocurrencies, including $XRP, and they have continued to sell in large quantities.

As selling pressure continues to intensify, a recent large $XRP transfer has sparked discussions across the crypto market, suggesting that traders are moving with caution amid a broad market sell-off.

50,000,000 $XRP sold in seconds

On Tuesday, Feb. 10, blockchain tracking platform Whale Alert spotted a huge $XRP transfer involving 50,000,000 $XRP worth over $70.37 million.

The transfer, which happened in a single transaction, saw an unknown wallet deposit the massive amount of $XRP to the leading cryptocurrency exchange, Bybit, in a move perceived to be a major sell attempt.

Although the intention behind the large $XRP transfer remains unclear, market participants have speculated it to be an attempt to sell off the tokens as transactions — often considered a sell signal when the tokens involved are returned to exchanges or trading platforms.

$XRP price struggles to recover

It is important to note that the large $XRP deposit has come during broad crypto market volatility, which saw leading cryptocurrencies record massive losses in their prices.

Notably, $XRP was not an exception as the asset has fallen by more than half of its all-time high, currently hovering around the $1.40 mark while showing a decrease of 2.42% over the past day.

As crypto market volatility continues to linger, large deposits of $XRP to exchanges, as seen earlier, expose the asset to further downward pressure. Hence, the massive deposit of 50,000,000 $XRP to Bybit has sparked concerns among investors about its potential impact on the price of the asset.