Ripple Moves 80 Mln XRP Sparking Speculations, What’s Next?
Ripple’s XRP has experienced a period of stagnant price action, causing concern among the XRP community. This concern is further exacerbated by massive selloffs and whale shifts within the market. Ripple has recently transferred a significant amount of 80 million XRP tokens, worth $46.18 million, to an undisclosed wallet. This transaction has raised speculation about another massive selloff and increased volatility.
Inside Ripple’s Latest XRP Transaction
A blockchain tracking platform, Whale Alert, reported that Ripple transferred 80 million XRP tokens to an undisclosed wallet in a transaction worth $46.18 million. This news has sent shockwaves through the community, as it is anticipated that this transfer could trigger a significant selloff and push the XRP price lower.
According to Bithomp, an XRP ledger explorer, Ripple currently holds 46.34 million XRP tokens, valued at $26.44 million. This suggests that Ripple has recently offloaded a substantial portion of its XRP holdings, leading to speculation within the market.
Bill Morgan, a lawyer, discussed the legal implications of this transaction. While he acknowledged that there are no restrictions on Ripple selling its XRP, he highlighted the potential involvement of the U.S. Securities and Exchange Commission (SEC). The question remains whether Ripple needs to register these sales with the SEC.
In addition to Ripple’s transaction, another major whale transaction was reported by Whale Alert. This transfer involved 25.7 million XRP tokens worth $14.83 million being moved to Bitstamp via an unidentified wallet. This further indicates a significant selloff in progress.
XRP Price Action
Ripple’s native cryptocurrency experienced a significant surge last week, reaching a high of $0.6223. However, it has since fallen below $0.58 and is currently maintaining that level without much fluctuation. At the time of writing, the XRP price stands at $0.5717, showing a 0.31% decrease.
The 24-hour trade volume for XRP has decreased by 7.52% to $876.90 million. The market capitalization of XRP is recorded at $31.02 billion, indicating a 0.28% dip. Despite this recent decline, the 1-week returns for XRP remain positive at nearly 2% due to its initial gains last week.
Hot Take: Ripple’s Latest XRP Transaction Raises Concerns
Ripple’s recent transfer of 80 million XRP tokens has created speculation and concern within the XRP community. The anticipation of another massive selloff and increased volatility has raised questions about Ripple’s actions and their potential legal implications. Additionally, another major whale transaction suggests further selloff activity in the market.
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