Ripple’s recent transfer of 80 million XRP, valued at $46.18 million, has ignited speculation about a potential major selloff amid the cryptocurrency’s recent price dip.
Key Takeaways
- Ripple’s transfer of 80 million XRP, valued at $46.18 million, triggers speculation of a significant selloff in response to recent market fluctuations.
- Legal considerations arise regarding Ripple’s ability to sell XRP programmatically, with attention drawn to potential SEC involvement.
- A substantial reduction in Ripple’s XRP holdings, almost two-thirds, adds to market speculations about the company’s strategic moves.
- Another significant whale transaction involving 25.7 million XRP suggests ongoing market activity with notable selloff movements.
Ripple’s Transfer Speculation
Ripple, the blockchain-based payment protocol, has triggered speculation within the cryptocurrency community after transferring a staggering 80 million XRP tokens, equivalent to $46.18 million, to an undisclosed wallet. This move follows a period of stagnant XRP price action and notable selloffs, leading to anticipation of another substantial market downturn.
The legal implications of Ripple’s XRP transfer are brought into focus, with lawyer Bill Morgan addressing the situation. While acknowledging Ripple’s right to sell its XRP, Morgan raises questions about potential SEC involvement.
Read More: Ripple Might Sell 200M+ XRP in Starting of 2024!
Additional Whale Transaction Raises Concerns
In addition to Ripple’s sizable XRP transfer, a major whale transaction involving 25.7 million XRP, worth $14.83 million, has been reported. The funds were shifted to Bitstamp via an unidentified wallet, further suggesting ongoing selloff movements in the market.
Ripple’s native cryptocurrency, XRP, witnessed a notable surge last week, reaching a high of $0.6223. However, it has since experienced a decline below $0.58, maintaining a level around $0.5717 at the time of this report.
To Conclude
Ripple’s recent transfer of a substantial amount of XRP, coupled with legal considerations and ongoing market activities, has raised speculation about the company’s strategic moves in response to the recent price dip.
The significant reduction in Ripple’s XRP holdings and additional whale transactions contribute to an atmosphere of uncertainty within the XRP community, warranting close attention to unfolding developments in the cryptocurrency’s market dynamics.
