• 29 May, 2024
News

Massive Dump of 55 Million XRP Coincides with Price Drop

In a startling move that sent ripples across the crypto space, anonymous XRP holders, often referred to as “whales,” have transferred a whopping 55 million XRP tokens to two significant exchanges. This activity was tracked and reported by the crypto monitoring platform, Whale Alert, on October 12.

The first of these massive transfers involved 23.70 million XRP, with an estimated worth of over $11.50 million, which found its way to the Bitso exchange from an unidentified wallet. Almost simultaneously, another transfer, this time of 31,200,000 XRP valued at approximately $15.15 million, was recorded moving to the Bitstamp exchange.

Given the timing, these transfers have raised more questions than answers. XRP’s price had already been on a downward trajectory, suffering notable losses over the preceding week. Should these transfers indicate a selling intention from the whales, it might hint that these entities decided to liquidate their holdings even at a loss.

But there’s more than meets the eye. It’s noteworthy that Bitstamp is among Ripple’s On-Demand Liquidity (ODL) platforms. This could potentially suggest that the massive amount transferred might be purposed for ODL operations on Bitstamp rather than a plain sale.

As of now, XRP trades at $0.483713, marking a 1.37% drop within the last 24 hours. With its market cap hovering at $25.85 billion, XRP maintains its #5 rank on CoinMarketCap. Although broader market influences dictate this decline, a discernible decrease in investor activity is also at play.

Adding to the narrative, Ripple, the company closely associated with XRP, recently announced the resignation of its CFO, Kristina Campbell. Campbell had been with Ripple during some of its most challenging times, including the SEC investigation and subsequent court proceedings. Though her exit reasons remain undisclosed, Ripple acknowledged her contributions and reaffirmed their commitment to global growth amidst regulatory challenges.

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