Crypto News- Whale Alert, a popular blockchain service known for tracking large cryptocurrency transfers, has flagged three significant XRP transactions originating from the San Francisco-based giant, Ripple Labs. Despite a bearish sentiment prevailing over XRP, Bitcoin, and major altcoins this week, analysts anticipate a potential bullish reversal. The total sum of XRP involved in these transactions amounts to a hefty 202 million.
The transfers, comprising 120,000,000 XRP, 53,750,023 XRP, and 28,850,000 XRP respectively, translate into fiat values of $60,886,309, $53,750,023, and $14,628,631. Notably, the first two transfers were initiated from official Ripple wallets, raising eyebrows within the XRP community. The larger of the two, totaling 173.7 million XRP, was directed to internal Ripple wallets, prompting bullish speculations among enthusiasts.
Ripple’s Transfer of 202 Million XRP Coincides with Dampened XRP Sentiment
In addition, the final transfer, involving 28,850,000 XRP, was sent to the prominent Bitstamp cryptocurrency exchange from an anonymous blockchain address. However, investigations reveal its association with Ripple Labs, emphasizing the intricate network of Ripple’s operations. Bitstamp, a key partner of Ripple, facilitates Ripple Payments, leveraging XRP for swift and cost-effective international transactions.
Despite the prevailing negative sentiment surrounding XRP, recent data from Santiment suggests a potential market reversal. XRP, along with other leading cryptocurrencies like Bitcoin, Ethereum, Cardano, and Binance Coin, is experiencing heightened bearish discussions on social media platforms. However, Santiment analysts propose that such widespread fear, uncertainty, and doubt (FUD) might signal an impending price surge, as markets often exhibit contrary behavior to trader expectations. Thus, despite the current downturn, XRP could be poised for an upward trajectory in the near future.
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