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XRP, the fourth largest altcoin, has caught the attention of investors, especially with positive developments in the case filed by the US Securities and Exchange Commission (SEC). However, recent transactions made by crypto whales have raised concerns that could negatively affect XRP. Crypto whales transferring approximately 55 million XRP to two different crypto exchanges have sparked speculation among investors investigating the reasons behind these large transfers.
Crypto Whales Transfer Approximately 55 Million XRP to Exchanges
Whale tracking platform Whale Alert reported that these transfers took place and both transfers were made from anonymous wallet addresses to two major crypto exchanges.
In the first transfer, 23.70 million XRP (over $11.50 million) was moved from an unknown wallet address to the crypto exchange Bitso. In another simultaneous transaction, approximately 31.2 million XRP (worth $15.15 million) was transferred from an anonymous wallet address to the Bitstamp exchange.
Considering the recent drop in XRP’s price and the significant drop last week, these large transfers have raised concerns among investors about their potential negative impact. There are speculations about whether these transactions were made for selling purposes or for another reason.
In particular, the Bitstamp exchange is known as one of Ripple‘s ODL (On-Demand Liquidity) platforms that facilitate fund transfers using XRP. Therefore, these transfers may have been made to provide a significant amount of XRP required for ODL transactions.
Current Status of XRP Price
XRP is currently trading at $0.4834 with a 0.41% decrease in the last 24 hours. During the same period, the trading volume decreased by 5.54% to $712.01 million, and the market capitalization decreased by 0.31% to $25.83 billion. Furthermore, XRP has experienced an approximately 8% decrease in price over the past seven days.
The recent XRP transfers have sparked debate in the crypto world and raised speculation about whether these transactions were made for a strategic purpose or influenced by other factors.
