- A crypto whale sold off around 25 million XRP tokens.
- Rbe total worth was more than $15 million, and it was at Bitstamp exchange.
Crypto whales are getting smarter with their trade, but does this pose a risk for other traders in the market? So, a crypto whale recently made a massive sale of 25 million XRP tokens. Continue reading to see a timeline of this occurrence.
Ripple (XRP) Increases Massively in Price
- Ripple (XRP) is one of the cryptocurrencies having a very good time in the crypto market. So, in the past few months, there’s a radical change in the position of XRP in the crypto market. Since gaining the upper hand in the case between the crypto project and the Securities and Exchange Commission, there’s a massive surge.
- Since the October rally, XRP is among the cryptocurrencies at the frontline of the rally. So, the massive price increase of this token made it surpass even ten $0.70 levels. But recently, there was another price surge of more than 21%, and a smart crypto whale made good use of it. So, there’s a minor correction going on with the XRP Token. However, the price surge of 21% was an opportunity to sell.
Crypto Whale Sells Over 25 Million Ripple (XRP) Tokens
- A crypto whale was very quick to sell off his XRP holdings immediately after an upsurge in the market. So, this whale made transactions worth millions of XRP in a series of transactions over the past few days. According to the data by Whale Alert, a blockchain tracking platform, the transaction was from an unknown wallet, r4wf7enWPx…5XgwHh4Rzn. So, recently, this wallet made a transfer of 25 million XRP to a centralized exchange, Bitstamp.
- For those who aren’t aware, whales don’t always keep their funds in exchanges due to the high rate of hacks. So, any transfer to an exchange means they are likely selling off the token. At the time when this whale made this transaction or sale, the total worth of the tokens was a bit more than $15 million.
After Crypto Whale Sell-off, What Made XRP Increase in Price
- There were some occurrences in the XRP network, causing their token price to increase massively. Besides Bitcoin, some altcoins are suffering a bit of a bearish trend in the market, including XRP. So, some events in the industry made XRP’s price increase a bit, leading to the sale of this token.
- One of them is Ripple Lab’s plans to invest a whopping $1.3 million to jack up a total of 22 projects leveraging the XRPL. So, the second was Stuart Alderoty, XRP’s legal leader, recent dig at the US SEC, and Gary Gensler.
Conclusion
A crypto whale recently made some massive sales in the crypto market. So, the cryptocurrency in this transaction was Ripple (XRP). The amount of XRP in this transaction was quite large at more than 25 million XRP, worth over $15 million. So, despite this sale, XRP is still standing firm in the market, maintaining more than a 16% increase in the weekly charts.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
