Whales Move 150 Mln XRP Amid Price Drop & Ripple’s IPO Speculations
As of today, November 10, a series of enormous whale transactions caught the attention of crypto traders and investors alike as crypto whales reshuffled around 150 million XRP tokens amid the ongoing XRP price fluctuations.
Following Ripple’s partial victory in the US SEC vs Ripple Labs lawsuit, the XRP token underwent constant price fluctuations, with whales jiggering over millions of tokens to date, to build up support orbiting the XRP token.
Interestingly, over the past few days, numerous whale transactions orbiting XRP were made to exchanges and wallets, stirring up speculations in the crypto universe.
XRP Whale Transfers: A Detailed Report
According to the recent market data provided by Whale Alert, a blockchain tracking platform, approximately XRP 24.70 million was transferred from an unknown wallet, r4wf7enWPx…5XgwHh4Rzn, to Bitso, a Mexico-based digital asset exchange.
Furthermore, the same wallet transferred XRP 23.40 million to another centralized exchange named Bitstamp, headquartered in Luxembourg City.
The aforementioned transactions revolving around whales sending XRP to exchanges may indicate a possible increase in supply, pushing the market sentiment toward bearish.
However, another transaction that stirred up speculation among crypto enthusiasts involved an unknown wallet, rJqiMb94hy…W8AzELa8nE, sending a whopping XRP 100 million, to another unknown wallet, rP4X2hTa7A…7XZ63sKxv3, as of today.
The aforementioned whale movement to an unknown wallet appears to come contrary to the transfers made to exchanges. The transfer of tokens among unknown wallets indicates that the market might portray a bullish sentiment orbiting the token.
Also read: UBS Follows HSBC, Unveils Crypto ETFs in Hong Kong
XRP Price Plunges Amid Ripple IPO Speculations
As of writing, the XRP price witnessed a marginal downfall of 6.68%, reaching $0.6503 as of today. Moreover, the market cap also witnessed a fall of 6.56%, reaching $34.87 billion. Although the price has witnessed a surge of around 8% in the last seven days while increasing over 30% over the last 30 days.
Interestingly, the Ripple Swell conference conducted in Dubai concluded without the much-sought announcement of an IPO (Initial Public Offering) for Ripple.
As Ripple ended the conference without the launch of an IPO, crypto market enthusiasts were taken by storm, questioning the fintech’s future plans.
However, the price fall of XRP seems to come in alignment with Ripple’s recent decision not to give out an IPO, following which investors remain uncertain.
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