XRP News: 290 Million XRP Moved Amid Price Dip; What Are Whales Planning?

XRP News: The digital assets market on Friday woke up to see red indexes due to the mounting crisis around Silvergate Capital. Ripple’s native crypto, XRP which is being claimed as a security by the US SEC, registered a price dump with the other major altcoins. However, it looked like the crypto whales are still trying to slide more XRP tokens amid the increased volatility.

Whales On Dumping XRP Spree?

As per the data provided by the WhaleAlert, More than 290 million XRP tokens (approximately worth $106 million) were shuffled by the whales in multiple transactions. However, the single largest transaction recorded by the tracker has been of moving around 140 million XRP (approximately worth $53.4 million) from an unknown wallet address to another.

As we dig in, Whale addresses can be seen moving around 75 million XRP (approximately worth $28.5 million) were moved to several crypto exchanges in order to dump. A whale went on to shift $16.37 million worth of 43 million XRP tokens to the Bitstamp crypto exchanges. Read More XRP News Here…

Ripple On A Lossing Streak?

On the market side, XRP price has been on a constant decline over the past 30 days. XRP price is down by almost 9% in the same period. It is the third largest loser among the top 10 crypto assets. However, Ripple’s native token’s price has surged by 8% on the year to day (YTD) basis despite facing the legal battle launched by the US SEC.

XRP price is down by over 3% in the last 24 hours. It is trading at an average price of $0.365, at the press time. Its 24 hour trading volume has spiked by 21% to stand at $1,08 billion.

XRP News: Ripple Escrow Unlocked; XRP Price To Take A Hit? Also Read

However, whales went on to utilize this XRP price dump. The biggest whale accumulated around 75 million XRP (approximately worth $28.7 million) in multiple transactions. The largest accumulation transaction recorded by the tracker has been of adding $16.55 million worth of 43.6 million XRP from the Bitso crypto exchange.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]