Ripple Sells Millions of XRP as Market Sees Decrease in Value

Read about Ripple's recent sale of millions of XRP tokens as the market experiences a decrease in value. Find out more about the transactions and their impact on the cryptocurrency market.

Posted 10 months ago in Blockchain

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Fintech behemoth Ripple has once again sent several tens of millions of XRP to be sold on the crypto exchange. Over the last 24 hours, prominent cryptocurrency tracker Whale Alert has reported two hefty transfers of XRP. While one was made from a Ripple-linked wallet, the other transfer involved over 420 million XRP withdrawn from a major crypto exchange.

According to Whale Alert, approximately 14 hours ago, an anonymous wallet address sent a total of 29,500,000 XRP to the Bitstamp exchange. Details from the Bithomp XRP-focused analytics platform confirm that the sending address belongs to Ripple Labs. This marks another instance of Ripple sending nearly 30 million XRP to Bitstamp, with similar transactions occurring over the past few weeks.

Despite the decrease in XRP's value, Ripple continues to sell tens of millions of tokens, potentially incurring slight losses. Currently, XRP is trading at $0.47984.

Additionally, Whale Alert reported a massive transfer of over 420 million XRP from the Bitvavo crypto trading venue. The transaction was initiated by an anonymous wallet and was not an internal movement by Bitvavo. This is not the first time Whale Alert has tracked such transfers, with previous months seeing similar transactions involving large amounts of XRP.

Last updated 9/11/2023, 4:14:33 PM


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