Ripple‘s XRP has been calm since yesterday after losing the gains it made last week, but the latest on-chain transaction detected has caused fear. While the XRP community is bewildered by large sales and whale transactions, it has been revealed that Ripple recently moved 80 million XRP. This transfer has led to various speculations about the altcoin.
In the Shadow of Whale-Level Transactions, Ripple’s XRP
A platform that detects and publicly shares significant movements on blockchains, Whale Alert, reported in its last share that 80 million XRP were moved by Ripple to an anonymous wallet address. The moved XRP is equivalent to 46.18 million dollars. The size of the transferred XRP has frightened investors as it could potentially lower the price of the altcoin.
According to Bithomp, an XRP ledger explorer, Ripple currently owns 46.34 million XRP worth 26.44 million dollars. This indicates that Ripple has recently offloaded about two-thirds of its XRP holdings.
Prominent figure in the crypto world, lawyer Bill Morgan, shed light on the legal implications of this transaction. He emphasized that there is nothing preventing Ripple from selling XRP, drawing attention to the involvement of the US Securities and Exchange Commission (SEC) in the same matter. The lawyer added that Ripple’s programmed sale of XRP does not fall under investment contracts and potentially provides freedom to the company. However, whether Ripple reports such sales to the SEC remains unclear.
On the other hand, Whale Alert reported another significant whale transaction. In this transfer, it was detected that 25.7 million XRP worth 14.83 million dollars were transferred to the Bitstamp exchange via an anonymous wallet address. This transfer also points to a noteworthy sale transaction.
Current Price Situation of XRP
Leading altcoin XRP has been declining since reaching its recent peak level of 0.6223 dollars last week. The altcoin has now fallen below 0.58 dollars and is maintaining this level without dropping much further. XRP’s price is currently trading at 0.5714 dollars, down 0.73% in the last 24 hours.
Furthermore, the altcoin’s trading volume in the last 24 hours has decreased by 7.52%, dropping to 876.90 million dollars. During this period, XRP’s market value also fell by 0.28%, to 31.02 billion dollars.
