XRP Crashes 4% Amid Ripples Massive 200 Million Token Shift
XRP has taken a sharp hit, dropping nearly 4% in the last 24 hours. This decline comes in the wake of significant whale activity, with Ripple moving a staggering 200 million worth tokens. The market was already shaky, and this latest development sent ripples through the crypto community.
Whale Alert, a market-tracking service, reported the massive movement of 200 million XRP, valued at $118.9 million, from a Ripple wallet to an unknown address labeled rP4xv3. According to data from Bithomp, the transaction took place at 19:30 UTC yesterday. Interestingly, this address is also associated with Ripple, making the move less mysterious but no less impactful.
Shortly after the initial transfer, half of the amount, 100 million worth token, was sent to another Ripple-linked address, rhW2hk. This address has been active in moving large amounts of XRP, with previous transactions of 20 million worth tokens on August 25, and 100 million XRP on August 14 and 5. On July 28, it transferred 50 million worth tokens, showing a clear pattern of heavy activity.
The chain of transfers didnt stop there. The rhW2hk address sent 16.4 million worth tokens to yet another Ripple address, r4wRzn, which then moved the same amount to the Bitso exchange. This address has a history of funneling the token to exchanges, including a recent transaction of 25.45 million XRP to Bitstamp at 20:03 UTC yesterday.
XRPs Market Reaction
Ripples recent flurry of transactions saw 200 million XRP shifted within its internal wallets, with 41.85 million tokens ending up on Bitso and Bitstamp exchanges. These funds may be used for On-Demand Liquidity (ODL) transactions or other operational needs.
As Ripple shuffled XRP, the market responded. The token fell by 3.71%, now trading at $0.5710. This drop isnt isolated; Bitcoin (BTC) and Ethereum (ETH) also saw declines of 6% and 8%, respectively, in the same period.
The timing of Ripples large movements and the markets broader downturn suggests a correlation, but the full impact on the tokens price remains to be seen.
Read more: https://www.tronweekly.com/xrp-crashes-4-amid-ripple-200-m-token-shift/
Text source: TronWeekly
