XRP whales have started moving their holdings amid the ongoing downtrend in the cryptocurrency market. Whale Alert, a cryptocurrency tracking and analytics service, tweeted that over 100 million XRP tokens were transferred from one unknown wallet to another unknown wallet. The transfer is estimated to be worth around $52.9 million.
— Whale Alert (@whale_alert) September 8, 2024
This is certainly a huge move and may have some implications. However, the exact reason for this transfer cannot be determined for now. However, it is not a mass sale, as the transfer is done between two wallets. A sale occurs when coins are sent from private wallets to cryptocurrency exchanges.
This XRP transfer is most likely a strategic move by the whale as it could be changing its position on the coin. However, such large token transfers can affect the market. Mysterious movements by crypto whales can lead to speculation in the community, which can increase negative sentiment among holders.
XRP price under pressure
The price of Ripple’s associated coin has been struggling in recent weeks, following a broader consolidation trend in the cryptocurrency market. At the time of writing, the price of XRP is trading at $0.5322, after a small jump of 0.33% over the past 24 hours. However, the price is down 9.71% over the past 30 days.
Last weekend saw one of the worst trading sessions ever, as XRP even came close to the $0.51 mark on Saturday. The broader market faced immense bearish pressure during this time, with Bitcoin (BTC), the market-leading coin, dipping below the $53,000 level for a brief moment.
The Crypto Fear & Greed Index is currently at level 26, which means that there is fear among the trading community. This negative sentiment has arisen due to a multitude of reasons, such as macroeconomic conditions. XRP is not immune to these things, therefore, it is likely to remain in this consolidation phase for the time being.