- A crypto whale moved around 31,400,000 XRP from his custodian wallet to a crypto exchange. So, many suspect it to be a sell-off.
- The price of the XRP token is around $0.49
The XRP token is currently down and is currently less than what it was before Judge Torres made the ruling in their favor. So, a crypto whale recently made a massive sale of some of his XRP tokens.
XRP Token In Trouble as Whale Transfers Over $15 Million Tokens
- The whales in the crypto market are an important force to recon, as some of their market activities usually influence how the market goes. So, if whales in the market engage in massive selling-offs, there are chances that it will affect the price of the crypto negatively.
- There’s trouble in the XRP camp as a whale transfers massive amounts of the crypto token. So, in the early hours of the 13th of September, a crypto whale made an enormous transfer of the XRP token. The transfer was so big that it is currently affecting the price of the XRP token. So, the sender of this transaction (which is the whale) sent around 31,400,000 XRP to the Bitstamp exchange. Note that the wallet address involved in this transaction starts with and ends like r4w…Rzn. Furthermore, the receiving address, which is from Bitstamp exchange, begins and ends like rDs…dBv. The receiving wallet address collected around 31,400,000 XRP with a $0 transfer fee.
- A whale monitoring platform with the. Name Whale Alert is behind the information for this transaction. Furthermore, the summary of the transaction was that the whale sent a large amount of XRP tokens from the holding wallet to the Bitstamp exchange. As a general rule, whales don’t store their crypto holdings in exchanges. So, sending large amounts of XRP tokens to an exchange represents a sale. What effect will this have on the Ripple token?
The Effect of the Sale On XRP Token
- Whales selling off their holdings of a particular cryptocurrency usually affects them. So, XRP might suffer or is suffering the effect of the current sale by the crypto whale. The price of the Ripple token isn’t looking good either.
- At the time of writing, the price of XRP was within the $0.49 range. However, there was some increase, looking at the 24-hour data, close to a 1% increase. A more thorough look at the charts shows that bears dominate it despite the meager increase. Furthermore, the weekly chart indicates the XRP token is down by more than 2%. There are only little bullish trends looking at weekly charts. So, not many XRP traders made profits in the past week.
Conclusion
A whale in the market transferred some of his XRP holdings from his custodian crypto wallet to a crypto exchange. So, the amount of XRP tokens in this transaction is around 31,400,000 XRP, and this is worth more than $15 million at the selling price. The new sale of XRP is having some effect on the token as bears dominate the price 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
