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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Massive $29.3 Million Whale Transfer Threatens XRP Price With More Sell Pressure

Scott Matherson
Scott Matherson
1 year ago
3 mins read
XRP price

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The XRP price has yet to recover from the latest exploit, which resulted in Ripple’s co-founder Chris Larsen being hacked and 213 million XRP worth $120 million carted away. This seems to have further spooked a depleting whale account base, as on-chain data points to XRP whales already exiting their positions in the past few weeks. 

Particularly, on-chain data from whale transaction tracker WhaleAlerts points to a recent transaction of 29 million XRP tokens transferred from an unknown wallet to the crypto exchange Bitstamp.

Massive XRP Whale Transfer To Crypto Exchange

The actions of whales or large holders of cryptocurrencies seem to always tell the nature of general market sentiment. XRP, for instance, has been under selling pressure in the past week, as the crypto is currently down by 5.51% in a 7-day timeframe. 

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However, recent data points to continued selling pressure in the near term. For instance, according to whale alerts, 29 million XRPs worth $14.7 million were sent to Bitstamp. Similarly, 28.85 million XRP worth $14.6 million was sent to Bitstamp in another transaction. The nature of these transactions likely points to whales dumping their holdings, and moves like this could foreshadow further declines.

🚨 28,850,000 #XRP (14,628,631 USD) transferred from unknown wallet to #Bitstamphttps://t.co/ujvPfK3ezM

— Whale Alert (@whale_alert) February 5, 2024

On-chain data from Santiment Supply by Addresses metric, which tracks the number of wallet addresses holding more than 1 million XRP tokens, tells a similar tale. According to this metric, the number of addresses in this category saw a steady increase, reaching 1,986 on January 28. This figure dropped to 1,957 on February 3rd, which indicated that 29 whale wallets cut down on their holdings during this period. At the time of writing, the metric stands at 1,962 wallets.

XRP Price

Source: Santiment

XRP Price Selling Pressure To Continue?

XRP recently crossed below $0.5 for the first time since October after news of the hack broke out. However, the price has since made a slight recovery from $0.49 and is trading at the $0.50 level at the time of writing. 

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Despite seeing a 27.43% increase in trading volume, the XRP price has failed to post gains in the past 24 hours and is down by 0.35%. On a larger timeframe, the crypto is down by 10.6% in 30 days, with price movement indicating the formation of lower highs and lower lows. Consequently, if the selling pressure continues and the current minor support at $0.501 fails to hold, XRP could break below to form a lower low around $0.48

According to crypto analyst EGRAG CRYPTO, known for his bullish stance on XRP, the current decline is a perfect opportunity to accumulate more tokens while suggesting the XRP price could spike to $22 very soon.

XRP price chart from Tradingview.com

XRP price struggles amid unfavorable market headwinds | Source: XRPUSD on Tradingview.com
Featured image from U.Today, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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The highest standards in reporting and publishing
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