Ripple Transfers Over $50 Million XRP
After reaching above $0.51, the XRP price has started to decline again, dropping below $0.49 due to increased selling pressure. The focus among holders is on the source of this selling pressure, with several large transfers from Ripple raising concerns.
On Monday, two transactions from Ripple caught the attention of the XRP community. The first transaction involved 75 million tokens worth $36.92 million being sent to an unknown wallet. It is likely that these tokens were being sent in an over-the-counter (OTC) deal to a private owner.
The second transaction raised further concerns as Ripple sent 30 million tokens worth approximately $14.95 million to the Bistamp crypto exchange. This led to speculations that Ripple is selling its holdings.
Will These Transfers Affect XRP Price?
Large transfers between Ripple and Bitstamp are common since Bitstamp is one of Ripple’s On-Demand Liquidity (ODL) services. However, the XRP price is facing significant sell pressure and struggling in the market. Trading interest has declined, with a 26% drop in daily trading volume and a 0.33% decrease in market cap between Tuesday and Wednesday.
The XRP price is highly correlated with the overall crypto market, which explains its recent drop as bullish momentum has slowed down. If Bitcoin starts rallying again, it could lead to a possible break of $0.5 for XRP.
Currently, the XRP price sits at $0.4881, experiencing a 0.91% drop in the last day but up 0.89% on the 7-day chart. With a market cap of $26 billion, XRP remains the sixth-largest cryptocurrency.
Hot Take: XRP Faces Selling Pressure Amid Ripple Transfers
The XRP price is facing significant selling pressure as it drops below $0.49. Large transfers from Ripple have raised concerns among holders, with speculations that the crypto firm is selling part of its holdings. While transfers between Ripple and Bitstamp are common, the decline in trading interest and daily trading volume indicates a struggle in the market for XRP. However, if Bitcoin rallies again, it could lead to a possible break of $0.5 for XRP. Currently, the XRP price sits at $0.4881 with a market cap of $26 billion, making it the sixth-largest cryptocurrency.
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