Ripple Initiates On-Chain Movement of 148 Million XRP Amidst 8% Price Dip

XRP Price Poised for Takeoff, But Can It Overcome Past Resistance?

In a recent development reported by Whale Alert, Ripple, the blockchain-based payment protocol, executed significant on-chain transfers totaling 148 million XRP as the XRP price experienced an 8% decline. Notably, three distinct tranches of these transfers were recorded, each carrying varying values.

Two prominent exchanges, Bitso and Bitstamp, known for their historical ties to such transactions, featured prominently in two of them.

According to data from Whale Alert, the most substantial transfer involved the movement of 100 million XRP, valued at $66,074,002 or $0.6607 per coin. Despite its considerable size, this transfer generated minimal controversy, as Ripple shifted the funds to another wallet under its control on the XRP Ledger.

Ripple-Affiliated Wallet Raises Eyebrows

Whale Alert identified the second highlighted XRP transfer, which involved 23.4 million XRP valued at $15,152,357 or $0.6475 per asset. This transfer originated from a Ripple-affiliated wallet labeled “R4w…Rzn” and directed the funds to Bitstamp. 

Speculation surrounding this transaction points to potential liquidation, amplifying concerns of a broader selloff. Another noteworthy transfer of 24.7 million XRP from the same Ripple address was observed heading to Bitso, further fueling apprehensions.

Related article: Ripple Partner Makes Waves: Secures MSO License in Hong Kong

Defined Intentions Behind Transactions

Each address in these transactions displayed a discernible activity level, indicating a defined intention behind the fund movements. The receiving Ripple address accumulated a total of 112.517 million XRP, while the Bitstamp recipient affirmed non-immediate appropriation by maintaining a balance of 62.653 million XRP.

The Bitso recipient exhibited the highest activity level among the trio, engaging in several smaller inbound and outbound XRP transfers in addition to the 24.7 million XRP lump sum.

XRP Price Experiences Overnight Slump

The XRP market witnessed an overnight slump, attributed to the substantial whale transfers. XRP is priced at $0.6558 at the time of writing, marking a 5.23% decrease overnight. This downturn has altered the coin’s trajectory, resulting in a market cap of $35,181,969,256.

Related also: Ripple Reveals XRP-Based Product Rebranding, Welcomes New Partners

Despite the bearish trend, XRP has maintained a positive trading volume, experiencing a 49.29% surge to $3,073,984,828. XRP whale transfers, a familiar occurrence on the XRP Ledger, often elicit swift reactions from market stakeholders. Analysts anticipate a potential bullish recovery as buyers may align with the positive trends surrounding XRP.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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