Rich investors in Ripple have sold 55 million XRP tokens.
As the entire financial sector becomes unstable, XRP becomes increasingly difficult to grow.
The outlook is not good for this altcoin, which is down around 8% in the past week.
Ripple's digital currency XRP has recently attracted attention from the cryptocurrency community in light of ongoing developments with the U.S. Securities and Exchange Commission (SEC). However, the latest large-scale transaction behavior has sparked various speculations. According to data from Whale Alert, certain large investors have dumped approximately 55 million XRP to Bitso and Bitstamp exchanges. While some people are evaluating the reasons behind the asset's movement, the price of XRP has fallen. Recently, the price of altcoins has plummeted due to macro issues such as the conflict between Israel and Hamas and the deterioration of global markets.
According to reports from the large whale transaction monitoring platform Whale Alert, some large wallets sold XRP in large quantities to two digital currency exchanges. In one of the transactions, 31.2 million XRP worth more than $15 million was sent to the Bitstamp exchange from an unknown wallet.
At the same time, another unknown source transferred more than $11.5 million (23.7 million tokens) worth of XRP to Bitso.
While whale trading is common in the cryptocurrency world, XRP’s recent price drop has caused concern among investors. If they try to sell, they may lose money. However, Bitstamp is one of Ripple’s ODL networks and can complete fund transfers using XRP. ODL is a global payment solution launched by Ripple, using XRP as a bridge asset. Therefore, wallets can send tokens to satisfy Bitstamp’s ODL needs.
What’s the price outlook for XRP? XRP is trading at $0.4833 so far, down 0.42% in the past day. Furthermore, its trading volume and market capitalization decreased by 5.54% and 0.31% respectively during this time period to $712 million and $25.83 billion respectively.
XRP has shown a downward trend over the past week as market participants began to focus on the conflict in the Middle East. Meanwhile, crypto enthusiasts debated whales’ latest XRP moves. Whether individuals choose to take losses to avoid further price declines or to satisfy ODL requirements has also become a focus of debate.
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