- Ripple has transferred 100 million XRP tokens to an unknown wallet.
- 29.1 million XRP were transferred to Bitso as well.
- The cryptocurrency is trading at $0.5346, a support level.
Ripple, the fintech company behind the XRP Ledger, has transferred a substantial 100 million XRP tokens to an unknown wallet, as noted in a post on X (formerly Twitter) by Whale Alert.
The transaction was initiated by Ripple on September 6th, with a negligible fee of 0.0005 XRP. The recipient wallet remains unidentified, and the purpose of the transfer is yet to be disclosed. This has led to speculation that the firm may be considering a large sale in the near future.
Surge in XRP Transfers Amid Market Downturn
Amid the recent market decline, Ripple has been transferring a significant amount of XRP tokens. The 100 million XRP transfer was also followed by a 29.1 million XRP being transferred from an unknown wallet to Bitso, a global cryptocurrency exchange founded in Mexico. Another transaction saw the transfer of 31,126,439 XRP tokens from Orbit to an unknown wallet.
Read also: XRP Price Unfazed by Ripple’s Upcoming RLUSD and Smart Contracts
This surge in large XRP transfers could soon impact the altcoin’s price, which is already facing downward pressure due to the broader market crash.
XRP Price Analysis
XRP is trading at $0.5346, down 3.51% in the past 24 hours and there are chances of another plunge if Ripple sells the massive 100 million XRP tokens in the market. The seventh-largest cryptocurrency by valuation has a market cap of $30 billion and the trading volume of XRP stands at $935 million.
Read also: XRP Price Breaks Out from Symmetrical Triangle: Is $1 Target in Sight?
As per the chart provided by TradingView below, the XRP token surged to April levels as August ended but failed to break above the $0.65 price level and the altcoin was pushed back to $0.5 which currently acts as a support region.
The Relative Strength Index (RSI) reads a value of 39.41 which means that the bears are currently in control of the XRP price action and there are significant chances of a crash, as evident from the gradient of the line.
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