XRP faces turbulence as $30M worth is moved to Bitso and Bitstamp, sparking selloff speculation. Whale Alerts reports large-scale transfers, warning of heightened selling pressure and potential price impact. With XRP in a 2-week consolidation and a 43.59% drop in volume, uncertainty looms. Analysts predict varied outcomes, leaving investors on edge.
XRP, one of the leading cryptocurrencies, is facing potential volatility as two significant transactions, totaling 50 million XRP and valued at approximately $30 million, have been transferred to cryptocurrency exchanges Bitso and Bitstamp. The moves have triggered speculation within the crypto community, with investors pondering whether this signals an impending selloff.
Cryptocurrency whale tracker, Whale Alerts, reported the large-scale transfers, noting that such transactions by whales often lead to increased selling pressure. If these whales decide to sell and take profits, it could temporarily impact the asset’s price, creating a cascade effect.
XRP, which has been in a consolidation phase for the past two weeks amid a general market lull, has seen a 43.59% decrease in trading volume over the past 24 hours, according to Coinmarketcap. The recent whale transaction involved the movement of 50 million XRP tokens, worth around $31 million, to exchanges, raising questions about its correlation with the ongoing consolidation and potential selloff.
XRP Transactions On November 23: 50 Million Tokens Sent To Exchanges And Private Addresses
On November 23, Whale Alerts observed a transfer of 25.2 million XRP tokens, valued at $15.66 million, to Bitstamp. Shortly afterward, another 25 million Ripple tokens, worth $15.55 million, were sent to Bitso. Both transactions originated from the address “r4wf7e,” which had previously received 55.87 million tokens from the address “rJgpQR.” Subsequently, a series of transactions ranging from 20,000 to 25 million Ripple tokens occurred, directed to Bitstamp, Bitso, Independent Reserve, and some private addresses.
The motive behind the whale’s movement of XRP to exchanges is speculative. While it suggests an intention to sell holdings, it could also be a strategic move to have the cryptocurrency readily available on exchanges without an immediate sale. The exact intentions of the whale and the potential amount they plan to buy or sell remain uncertain.
Despite the uncertainty, on-chain analytics indicate that whales purchased 11 million tokens, valued at $6.82 million, in the past week. This buying activity suggests a possible bullish sentiment among some whales.
As of the time of writing, XRP is trading at $0.62. Although the cryptocurrency briefly surpassed $0.7 earlier this month, sustaining this momentum has proven challenging. Crypto analyst CryptoInsightUK sees potential for Ripple to replicate the impressive 61,000% gain it experienced in 2017 before the SEC lawsuit. Another analyst, Edward Farina, envisions Ripple replacing the current SWIFT system, potentially propelling XRP to $10,000.
As the crypto market closely monitors these whale movements and conflicting signals, investors brace for potential volatility in the coming days.
