Ripple Labs has reportedly sold 52 million XRP coins at a loss, according to data from the crypto tracking platform Whale Alert.
Key Takeaways
- Ripple Labs, the parent company of XRP, has sold 52 million XRP coins, incurring a loss, as the XRP price experienced a 5.11% drop.
- The transactions were detected by the crypto tracking platform Whale Alert and involved transfers to major exchanges Bitstamp and Bitso.
- While the transactions were made from an anonymous wallet, there are indications that it may be affiliated with Ripple Labs.
- The significant XRP sale coincided with a notable decline in the XRP price.
Large XRP Transactions Detected
Crypto tracking platform Whale Alert has identified two substantial XRP transactions made from an anonymous wallet to major exchanges Bitstamp and Bitso.
Transfer of Over 51 Million XRP Coins
These transactions involved the transfer of more than 51 million XRP coins, raising speculations of their affiliation with Ripple Labs. The transfers to the exchanges, likely intended for selling the XRP coins, coincided with a 5.11% drop in the price of XRP.
Millions of $XRP transferred to top exchanges by a disguised @Ripple wallet. @whale_alert https://t.co/r5JA7T6ZcI
— U.Today (@Utoday_en) November 17, 2023
It appears that the wallet involved in these transactions sold a significant amount of XRP coins at a loss.
Transaction Details
The wallet, identified as r4wf7enWPxyHtbizyV7ZHiZi5XgwHh4Rzn, moved 25,400,000 XRP and 26,200,000 XRP approximately 11 hours ago. These coins were sent to Bitstamp and Bitso exchanges, totaling 51,600,000 XRP, equivalent to $31.7 million in fiat.
XRP’s price has experienced significant fluctuations recently, with a 5.11% decline from $0.65098 to $0.61576. This follows a series of drops earlier in the week, including a 12% plunge on Monday and a 10% drop on Tuesday due to various factors.
To Conclude
The transactions were made from an anonymous wallet to the major exchanges Bitstamp and Bitso. The sales coincided with a 5.11% drop in the XRP price. While it’s unclear why Ripple sold the XRP at a loss.
