XRP has not shown the desired rise amid the ongoing SEC lawsuit chaos. Investors continue to wonder when XRP will exceed $1, as it has not done so for over two years. Transactions by whales during this period remain an important factor for investors to find direction. So, what are XRP whales doing right now?
XRP Coin Whale Movements
An account associated with Ripple recently played a role in transferring over 50 million XRP to cryptocurrency exchanges, signaling a significant sale. On May 1, Ripple, the issuer of XRP, released 1 billion XRP from its initial distribution balance, and the tokens were re-locked into escrow wallets until 2027. The company transferred 200 million XRP to its treasury account, and the remaining 800 million were re-locked into escrow wallets.
After reserving 150 million XRP for itself this month, one of Ripple’s notable accounts, rP4X2…sKxv3, distributed some tokens to unknown accounts. From the address known as r4wf…Rzn related to Ripple, 56.01 million XRP was sent to exchanges in the last 24 hours, which was interpreted as a possible indicator of a decline.
During these transactions, 30 million XRP was sent to the Bitso exchange, while 26 million XRP was sent to the Bitstamp exchange. The resulting selling pressure contributed to the current price decline of XRP. On-chain data highlighted by Whale Alert points to concerns about the performance of XRP, the 7th largest cryptocurrency by market value.
What is the Current Price of XRP?
Ripple’s sales continue to attract attention. The entry of more tokens into circulation in the coming days could cause activity in supply inflation and have a significant impact on the token price. In the last 24 hours, XRP experienced volatile price movements. As of the time of writing, XRP continues to trade at $0.534.
On the other hand, the Relative Strength Index (RSI) is at 51 during this period, indicating that neither bulls nor bears have fully taken control. The monthly token distribution by Ripple and the subsequent sales continue to be closely monitored due to their potential impact on the XRP price.
