A wallet associated with Ripple transferred 100 million XRP worth $57.92 million to various exchanges, raising concern within the community. The transaction was performed yesterday as evidenced by Whale Alert. The movement noted was from one unknown ripple wallet to another.
Shortly thereafter, the receiving wallet sent 19.7 million XRP was transferred to the Bitso exchange while 257,000 XRP was transferred to the Bitstamp exchange. The sending wallet has been continuously transferring a large number of XRP in the market for the week.
On September 17, the same wallet transferred 50 million XRP to the same address. What’s more, it has been identified that there is an evident trend of large transactions. Now the sending wallet now holds 50.181 million XRP, which indicates that more transactions are likely to continue happening.
Bithomp data reveals that following the transfer of the 100 million XRP, a certain amount of the token was sent to exchanges, which deepens these concerns. This has happened a number of times this month, with other whales also moving large amounts of XRP.
Ripple Whale Activity Heightens Market Speculation
Whale Alert has identified several large XRP transactions in the last few days of this month. On September 5th another transaction of 105 million XRP was sent to an unknown wallet. The following day Whale Alert shared on x (former Twitter) that they had detected another transfer of 95 million XRP to Binance, leading to a discussion on the possible effects on the market.
Ripple’s problems with the regulators have also fuelled curiosity regarding the recent transactions. As the appeal to the SEC is due on October 6, the community is keen on these actions. Others have suggested that Ripple may be planning to make payments to the current legal proceedings.
However, the price of XRP token has not seen any major effect lately. There has been only a slight fluctuation in the past few days. The large-scale whale movements, nonetheless, are still a cause of concern for the investors of XRP.
XRP Price Performance Shows Slight Rise
In the last one-day trading chart, XRP has been able to record a slight increase, currently trading at $0.5857 with a 2.07% gain. XRP has had its minimum trading value at $0.5631 and a high trading value of $0.5895, indicating that price fluctuations are reasonable.
The price movement is observed in the market as more speculations arise following the large XRP transfers. As more tokens are being transferred to exchanges, some investors are worried about sell-offs that may have an impact on the near-term price of XRP.
However, the token has not shown any bearish moves in the last 24 hours. Coinmarketcap stats recorded bullish momentum in the last 7 days with a 1.40% increase.
Only time will tell whether these movements will result in a sell-off. For now, the XRP holders are waiting for further developments especially since the asset is recording a moderate price surge during these whale transactions.
