Whale Activity: 55 Million XRP Transfer Triggers Speculation Amid Declining Prices and Market Turbulence
Crypto News – XRP, a cryptocurrency under the spotlight due to an escalating legal battle, has become a point of interest for investors. Recent days have seen notable whale activity in the XRP market, sparking discussions and speculations within the crypto community.
In a recent development, whales executed a substantial transfer of 55 million XRP tokens to two major cryptocurrency exchanges, coinciding with a decline in XRP’s market value. This move has prompted investors to analyze the potential reasons behind it. Following this hefty transfer, the price of XRP experienced a notable decrease. Moreover, the broader market downturn due to Israel’s conflict has further contributed to XRP’s decline.
Whale Activity: 55 Million XRP Transferred
On October 12, Whale Alert, a crypto tracking service, reported significant XRP transfers from undisclosed wallets to two prominent crypto exchanges. The first transfer involved 23.70 million XRP, valued at over $11.50 million, moved from an unknown wallet to the Bitso exchange.
Simultaneously, another transfer of 31,200,000 XRP, approximately worth $15.15 million, was initiated from an undisclosed wallet to the Bitstamp exchange. The timing of these transfers raised suspicions, especially considering XRP’s recent price decline, experiencing a significant drop in the past week. If these transactions were intended for sale, they might indicate that the whales offloaded their holdings at a loss.
However, these transfers also led to speculation among crypto enthusiasts. Notably, Bitstamp is recognized as one of Ripple’s On-Demand Liquidity (ODL) platforms, enabling fund transfers using XRP.
Therefore, the transfer to the Bitstamp exchange could suggest that these transactions were orchestrated to provide a substantial amount of XRP needed for ODL operations via Bitstamp.
XRP Price and Performance
As of the writing on Thursday, the XRP price had declined by 0.41% to $0.4834. In the last 24 hours, its trading volume decreased by 5.54% to $712.01 million. Concurrently, its market capitalization dropped by 0.31% to $25.83 billion.
Throughout the week, XRP has remained in negative territory as investors shifted their focus towards safer assets amidst market uncertainties. Over the past seven days, the cryptocurrency has witnessed a nearly 8% slump in its price.
The recent transfers of XRP have sparked discussions within the crypto community, with speculations revolving around whether these transfers were strategically executed for ODL or if other factors influenced these significant XRP transfers to exchanges.
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