Whales Dumping 55 Mln XRP Stirs Speculation, Price Drop Ahead?

The XRP crypto has been on the investors’ radar lately, especially with the increasing interest in the XRP lawsuit. Meanwhile, the crypto has also continued to witness whale activity in recent days, which has sparked speculations among the crypto market enthusiasts.

In a recent move, the whales have dumped around 55 million XRP in total to two exchanges, while investors are accessing the potential cause for the move. Following the hefty transfer, the XRP price has noted a decline in its price. However, the crypto has continued to stay in the red this week due to Israel’s war and broader market issues.

Whale Dumps Around 55 Mln XRP

On October 12, the crypto tracking service platform Whale Alert reported substantial XRP transfers from anonymous wallets to two prominent crypto exchanges. The first transfer involved 23.70 million XRP, valued at over $11.50 million, moving from an unknown wallet to the Bitso exchange.

Simultaneously, in another move, a transfer of 31,200,000 XRP, worth around $15.15 million, was sent from an unknown wallet to Bitstamp exchange. Meanwhile, the timing of these transfers raised eyebrows, given that XRP had seen a recent decline in value, experiencing a significant drop over the past week. So, these transactions, if intended for sale, might suggest that the whales offloaded their holdings at a loss.

However, these moves also sparked speculation among crypto market enthusiasts. Notably, Bitstamp is known as one of Ripple’s ODL platforms, which facilitates funds transfer utilizing XRP.

So, the transfer to Bitstamp exchange could indicate that the executed transfers were done to provide a substantial amount of XRP required for ODL operations via Bitstamp.

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XRP Price & Performance

The XRP price was down 0.41% to $0.4834 during writing on Thursday, while its volume for the last 24 hours declined 5.54% to $712.01 million. On the other hand, its market cap fell 0.31% to $25.83 billion at the same time.

Meanwhile, the crypto has continued to stay in the negative territory over the week, as investors have shifted their focus to safer assets amid a flurry of market uncertainties. The crypto price has witnessed a slump of nearly 8% over the past seven days.

However, talking about the recent XRP transfers, these moves have led to discussions in the crypto community, with speculations on whether the transfers are strategically executed for ODL or if other factors are at play in these significant XRP transfers to exchanges.

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