XRP attracts attention as Whales dump 55 million tokens

October 12, 2023 01:17 AM PDT | By Invezz

XRP attracts attention as Whales dump 55 million tokens — Image source: Invezz

Whales dumping XRP

According to Whale Alert, large wallets sent substantial amounts of XRP to two cryptocurrency exchanges. One transaction saw 31,200,000 XRP, worth over $15M, sent to Bitstamp from an unknown wallet.

🚨 31,200,000 #XRP (15,149,324 USD) transferred from unknown wallet to #Bitstamp https://t.co/Xzi6xUN2Nt
— Whale Alert (@whale_alert) October 11, 2023

Simultaneously, another unknown address transferred XRP worth over $11.5 million (23.7 million coins) to Bitso.

🚨 23,700,000 #XRP (11,502,941 USD) transferred from unknown wallet to #Bitso https://t.co/CuumLCSnko
— Whale Alert (@whale_alert) October 11, 2023

While whale transactions could be usual in the crypto world, the latest transfers raised worries, considering XRP’s price dips over the past seven days. These investors, if planning to sell, will endure losses.

Nevertheless, Bitstamp is among Ripple’s ODL networks that use XRP to complete fund transfers. Thus, the wallet could have sent the tokens to meet ODL requirements on Bitstamp. ODL is a global payment solution by Ripple. It uses XRP as its bridge asset.

XRP price outlook

XRP traded at $0.4833 at press time, down 0.42% within the past day. Also, its volume and market cap plummeted by 5.54% and 0.31% within that timeframe to $712 million and $25.83 billion, respectively.

XRP has exhibited bearishness within the past week as market participants shifted focus to the Middle East conflict.

Meanwhile, crypto enthusiasts have debated the latest XRP movement by the whales. Are individuals opting for losses to escape further price declines or meet ODL requirements?

The post XRP attracts attention as Whales dump 55 million tokens appeared first on Invezz.

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