Blockchain company, Ripple reportedly transfers 180 million XRP tokens amid a price drop in the last 24 hours. The move had ignited speculations across the crypto community.
Ripple moves 180 million XRP tokens
In a recent development, a substantial amount of XRP tokens have been moved by the parent company of the token, Ripple. According to data from WhaleAlert, a blockchain transaction tracker, a massive 100 million valued at $52,584,019 ($52.5 million) was transferred from a wallet labeled “unknown” to Ripple.
🚨 🚨 🚨 100,000,000 #XRP (52,584,019 USD) transferred from unknown wallet to #Ripplehttps://t.co/OzIoCBYTON
— Whale Alert (@whale_alert) February 11, 2024
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The timing of this transaction is significant because it comes at a time when the attention of the XRP community is high. This is not the only transaction initiated by the blockchain behemoth.
Within the same hour, Ripple made a mouthwatering transfer of 80 million XRP tokens (valued at $42 million) to an anonymous wallet, raising the total transfers to 180 million.
There is a lot of speculation going on about the reasons for Ripple’s abrupt actions. While some advocate for internal token storage activities, others consider the potential for strategic open market trades. Also, some members of the crypto community suggest that Ripple is simply conducting a massive sale of the token.
Whatever the reason behind the action, the effect on the price of the token may be imminent as investors are keenly keeping an eye on the movement.
XRP price analysis
In the meantime, the XRP price chart shows interesting activities. In the last 24 hours, the token has witnessed a surge, raising its price to the crucial resistance level of $0.534. However, at the time of writing, the price has experienced a significant drop from that peak by about 2.6%.
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Source: Coinstats
Furthermore, XRP has a 24-hour trading volume of $527,691,127 ($527.6 million) and a live market cap of $28,249,614,256 ($28 billion). In addition, the generally positive sentiment surrounding XRP remains high as CoinGecko data shows 77% bullish over 23% bearish.
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Victor Swaezy
Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.