XRP Price Dips By 5% Amid Recent Whale High-Volume Transaction

XRP Price Dips By 5% Amid Recent Whale High-Volume Transaction

The price of one of Ripple’s XRP dropped by 5% due to reports of large whale transactions and increased activity on the On-Demand Liquidity (ODL) network. The transactions sparked controversy in the cryptocurrency community and added to the market decline. Whale Alert is a platform that tracks significant movements in cryptocurrencies.

According to Whale Alert’s data, which was published on their X handle, said that two notable XRP transfers recently took place, with sizeable amounts being transferred to the exchanges Bitstamp and Bitso. The first transaction was the transfer of 16,600,000 XRP, valued at roughly $10,083,310, to Bitso from an unidentified wallet.

Market watchers were drawn to the transfer’s scope, which raised questions about the reasons for such a significant movement. Bithomp, a platform that offers insights and analytics into XRP transactions, analyzed the transfers.

The results sparked concerns about a possible connection to XRP’s creator, Ripple Labs. According to the analysis, these transactions could be related to Ripple’s internal business dealings, such as the company selling XRP or making other calculated strategic decisions.

 Analysts Link 18% Decline To Increase By Whales Activities

Following these significant XRP transactions, the price of XRP had a sharp decrease; it failed from $0.0651 – $0.616, representing a 5% drop. This followed the previous 12% it had, which triggered some unconfirmed rumors of an XRP ETF launch by BlackRock.

The recent development by the whales has made Ripple the topic of discussion in the cryptocurrency industry. Another set of 25,400,000 XRP, valued at $15,611,475, was also moved from an anonymous wallet to the Bitstamp exchange shortly after the 16,600,000 XRP transfer.

Ali Martinez, a popular cryptocurrency analyst, has interpreted the recent development using a different narrative. According to Martinez, the 18% decline in XRP in the last ten days is directly linked to those major increases by the Whales. He also pointed out that the growing interest in XRP among major investors will get XRP back in shape anytime soon.

As of press time, XRP is trading at $0.6143, with a 1.22% increase in the last 24 hours. The market capitalization of $32,966,327,896 also climbed by 1.08%, with the trading volume closing at $879,581,399, with a major loss of 43.75%.

The price activities happened almost simultaneously; happening the same time at the just concluded Ripple Swell conference. Tbe recent decline has been linked to the organizers not announcing the most talked-about Ripple IPO. XRP maintained it’s 52 week high at $0.93351600, only to record it’s Returns Year To Date (YTD) at 80.86% –  with all time high of $1.97.

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Observation shows that the cryptocurrency community is keeping a close eye on Ripple to see if they make any more announcements or provide more details about the reason behind these transactions and how they will affect XRP going forward.

Pollock Mondal from Investing.Com wrote that the recent decline in XRP’s price serves as a reminder of the dangerous balance that must be struck between market forces and the requirement for open operations in the cryptocurrency space.

Analysis on Bithomp suggested that the said transactions by whales may be initiated by Ripple Lab, unlike the initial assumption of a mere normal sale transfers. Meanwhile, Bithomp also reported that at the end of the XRP transactions, 52 million XRP were transacted.

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Chad Butler
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Chad Butler

Chad Butler, a renowned name in crypto journalism, excels in translating complex blockchain topics into lucid prose. His astute analyses and timely updates make him a trusted voice in the cryptocurrency landscape. Through his articles, Chad consistently offers readers an informed and insightful perspective on the evolving digital market

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