XRP Twist: Price Takes a Plunge Amidst Unprecedented Market Whirlwinds

Reports have revealed a massive XRP transaction involving almost half a billion XRP tokens conducted from unspecified wallets and an address that is linked to Ripple. 

XRP Prices Slips Amidst Massive Moves

XRP whales caused quite a stir in the cryptocurrency market over the weekend by making large transfers. One of the whale’s alerts that has garnered attention is the one involving 447 million XRP tokens.

Data from crypto tracker Whale Alert revealed that approximately 447,507,758 XRP valued at $296 million were moved on-chain within 24 hours. According to Whale Alert, the transfers were carried out in two separate batches coming from two wallets: one connected to Ripple and the other unknown.

The transfers came amidst a drop in the price of the digital asset and this has left the community to speculate if the whale transaction had an effect on the token’s price.

At the time of the transfers, the crypto asset’s price fell by 1.84%, which saw the coin trading at $0.6562. In addition, its market capitalization also fell by the same percentage to $35 billion.

The first batch of transfers witnessed a total of 424,307,758 tokens valued at approximately $281,090,947 moved on-chain. The transfer was carried out in a recently activated wallet, which remains unknown till today.

The unknown wallet initially sent 1.5 million tokens to Bitvavo after activating the wallet, then later sent the remaining funds to another unspecified wallet. What makes this wallet significant is the fact that it went live with the 424 million XRP tokens.

The second batch of transfers saw a total of 23,200,000 tokens valued at approximately $15 million. The transfer was carried out within a wallet that is connected to Ripple. The funds were moved from the wallet to a Bitstamp-based address.

It is worth noting that similar transfers to exchanges have been carried out by Ripple in the past, particularly by its On-Demand Liquidity (ODL) partners. Although Ripple did not state clearly what the latest transfer is aimed at, it might be connected to a potential selloff — a common rationale for many of the related transfers that follow this pattern.

False ETF Filing Affects The Crypto’s Price

On Monday, November 13, XRP witnessed a 16% price surge due to a false report about an exchange-traded fund (ETF) filing by BlackRock. 

After the post went viral, it took the digital asset less than 30 minutes to arrive at the $0.75 price mark. However, the asset faced a correction after the report was deemed false by Bloomberg ETF analyst Eric Balchunas.

Currently, the crypto asset is trading at approximately $0.6641 as of the time of writing, indicating a 0.8% increase in the past 24 hours. Its market capitalization is currently sitting at $35,601,104,857, showing the same 0.8% increase in the past 24 hours, according to CoinMarketCap.

Featured image from Shutterstock, chart by Tradingview.com