XRP Whales Transfers 150 Million XRP Amid Price Decline

XRP Whales Transfers 150 Million XRP Amid Price Decline

XRP Whales have transferred 150 million XRP in a series of transactions amid a recent market decline and continuing rumors about Ripple’s possible Initial Public Offering (IPO). The transfer of 126.60 million XRP was made to Luxembourg City-based Bitstamp.

An additional 23.40 million XRP was transferred to the same exchange by the same wallet that started the original transfer to Bitstamp. The story about the Ripple IPO went out of proportion after Alex Cobb, a cryptocurrency influencer, spoke about it in one of his posts on the X platform.

Cobb said that Ripple is currently working on employing a Shareholder Communications Senior Manager to prepare the company for the next stage of the listing, which the PO process started in 2018. Brad Garlinghouse, Ripple’s CEO, in his interview with CNBC in 2022, said that they will commence with the process of going public once they are done with the court case with the Security and Exchange Commission (SEC).

Price XRP Drops After 30 Days Top Market Performance

The price of XRP dropped yesterday by over 3%, followed by its market capitalization, which also dropped to $34.87 billion (a decrease of 6.56%). This drop in market value has been linked to general swings in the cryptocurrency space, driven by macroeconomic patterns, regulatory actions, and market sentiment.

XRP has proven resilient and volatile despite the recent decline in price and market capitalization. In the past seven days, the cryptocurrency’s price has increased by almost 8%; in the past thirty days, it has demonstrated significant gains of more than 30%. These price swings and significant transactions by XRP whales have influenced the continuous conversations and conjectures surrounding digital assets.

The lawsuit between SEC and Ripple is currently geared for trial proceedings, which may be scheduled to take off in April, May , or June, 2024. It is also believed that the outcome of the trial will likely play a huge role in the success of the proposed IPO.

Expert Speculate On The Possible Reason For The Whale’s Behavior

CoinGape wrote that the large transactions by XRP whales have been tagged as a normal component of the market’s continuous evolution. News has it that an unknown transaction, with approximately 100 million XRPs, was sent to two anonymous wallets earlier today.

The reason for the large transaction is unknown, but the XRP community is speculating a possible bullish trend soon. Data from Whale Alert says that  24.70 million XRPs were transferred from an anonymous wallet, r4wf7enWPx…5XgwHh4Rzn, into a Mexican cryptocurrency exchange, Bitso.

A similar report from FX Street also states that another unknown Whale had transferred 409 million units of XRP to another anonymous new wallet. The transaction initiated from Bitvavo, a Dutch digital assets exchange platform, was picked by Whale Alert cryptocurrency trackers which was said to have happened on the 17th of October.

The transaction came with a fee of $9.84 (equivalent to 20 XRP). Commenting on the possible reason behind the transaction, Shraddha Sharma from FXStreet said that the transaction may be in connection with the original motive by XRP Whale to move funds to another new wallet. She also speculated that it is likely an entirely new investor.

CoinShares, in their 25th consecutive weekly report showing XRP’s progressive investment in 2023, has recorded an inflow of $0.42 million as of last week – a situation believed to have reflected in the investor’s confidence.

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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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