Ripple Labs’ native token XRP, which has been at the center of the SEC lawsuit, entered a period full of rumors today, on March 14, following a notable rise in the past few days and a subsequent drop in price below the $0.69 level. Investors, noticing the decline, turned their attention to Whale Alert, a service that tracks large transactions on the blockchain. The data that emerged seems to have resonated more significantly within the crypto community.
Today’s XRP Transactions
Whale Alert reported that 177.5 million XRP were transferred early today during a market downturn. According to Whale Alert, three separate transactions took place. During this period, a massive amount of XRP was transferred from unknown wallets and Ripple to Centralized Exchanges (CEXs).
In the first transaction, 140 million XRP worth $95 million were sent from Ripple to the address rP4X2hTa7A…7XZ63sKxv3. The remaining two transactions involved significant amounts of XRP being transferred to CEXs by a known XRP whale address. It was revealed that 21.1 million XRP worth $14.42 million were sent to Bitstamp, while 16.4 million XRP valued at $11.21 million were transferred to Bitso.
Following these transactions, there were speculations that whales might be preparing for another major sell-off. There was also a noticeable mixed sentiment among whales in the market during this period. On the other hand, XRP continued to exhibit a negative trend today.
Looking at derivative data, there was a significant downward trend that seemed to persist.
What is the Current Price of XRP?
At the time of writing, the XRP price had experienced a 2.47% decrease over the last 24 hours, trading at $0.6887. The market cap also saw a 2.47% decrease, and with a 34.05% reduction in the 24-hour trading volume, XRP fully reflected the downtrend today.
Coinglass reported a 0.85% decrease in open interest for the token and a 52.32% decrease in trading volume, supporting this trend.
Some investors were choosing to close their positions. Traders seemed to be acting on the belief that there could be further downward movements in the future.
