Ripple has been experiencing significant price fluctuations since its partial victory against the US Securities and Exchange Commission (SEC) in July. During this period, crypto whales have been transferring millions of XRP. The latest buzz is around the movement of 10 million XRP coins in a series of whale transactions, causing a drop in its price.
XRP Whales in Action
According to the latest data provided by Whale Alert, an anonymous wallet address starting with r4wf7… transferred approximately 24.70 million XRP to the Mexican-based crypto exchange Bitso. Another wallet address from the same wallet sent 23.40 million XRP to another centralized crypto exchange, Bitstamp, based in Luxembourg.
Meanwhile, another whale transaction that caused speculation involved the transfer of 100 million XRP from an anonymous wallet address starting with rJqiM… to another wallet address starting with rP4X2…. This transfer was different from transfers made to crypto exchanges.
Transfers of XRP to crypto exchanges may indicate a potential increase in supply, which can affect the price and lead to negative changes in investor sentiment.
XRP Price Drops Following the Absence of an IPO Announcement
Today, XRP’s price dropped over 6% to $0.6463. The popular altcoin is currently trading at $0.6545, showing an 8.57% increase in the past 7 days and a 31.54% increase in the past 30 days.
The Ripple Swell Conference held in Dubai ended without the expected Initial Public Offering (IPO) announcement for Ripple. The lack of an IPO announcement at the conference has increased concerns among XRP investors about Ripple’s future plans. The recent price drop of XRP seems to be directly related to Ripple’s indecision regarding an IPO.
