Ripple (XRP) holders have been moving their coins at a swift pace over the past week. In cases like these, when XRP whales have been moving greater quantities of coins, prices often continue to fall.
Substantial And Notable XRP Transfers
According to data shared by Whale Alert, an advanced blockchain tracker, and analytics system reporting large and interesting transactions, Ripple shifts millions of XRP and made a single transfer of 50,000,000 XRP worth nearly $16.8 million in fiat.
The transaction went to an unknown wallet, but according to Bithomp’s XRP explorer, Ripple sent them to one of its reserve wallets called RL18-VN.
Whales and Ripple partner scoop up a whopping 128 million XRP. Comprising of a move by a key Ripple ODL partner for a total of 55,300,000 XRP among its own addresses. Then the unknown wallets sent 40,000,000 XRP and 32,500,000 to the Bitstamp exchange. The amount of XRP was worth approximately $48 million at the time of transfer.
Whale movements are generally made with the goal of safeguarding assets or selling if moved to centralized exchanges. If the impending move intends to sell it will put further pressure on the XRP price which had already been struggling in the past week,
Binance has warned the crypto community that a series of major XRP transactions are coming up. The transfers will take place as part of a purge of wallets containing collateral. According to Nomics, Binance is the largest holder of XRP liquidity. It’s estimated that the exchange has an impact on the price of XRP at 30.74%.
What Happened With XRP
In the meantime, the Ripple Vs. SEC lawsuit continues to work its way through the courts, and no one can predict how long it will take to resolve. This uncertainty could have an effect on the XRP price.
According to CoinMarketCap data, the digital currency has been losing value, falling over 12.28% during the past week. The seventh-largest crypto is currently trading at $0.3423 with a volume of $864,404,513.