The cryptocurrency XRP has been in the focus of investors recently, with the ongoing turmoil between the American blockchain payment platform, Ripple Labs, and the United States Securities and Exchange Commission (SEC). Waima so in recent developments, the XRP Whales have transferred a large amount of XRP crypto to various wallets. This move has raised concerns among investors after some positive sentiment from XRP has increased optimism in the market.
According to a Whale Alert report, a "whale" (big investor) transferred 26.8 million XRP tokens, worth $14.24 million, from an unknown wallet to the Bitstamp exchange. This large amount of transfer has given rise to speculation in the market about possible sales in the near future.
It should be noted, when funds are moved into the exchange, it indicates that market participants want to sell their assets. On the other hand, if funds are moved out of the exchange into the wallet, it generally indicates that the investor wants to keep the crypto.
Meanwhile, traders became more worried after another large number of transfers were observed in the market. In another transaction, a "whale" transferred 20.40 million XRP tokens, worth $10.83 million, from an undisclosed wallet to the Bitso exchange.
This increased speculation wiped out some of the gains from the crypto price today. XRP price has dropped 1.18% in the last 24 hours and is trading at $0.523 at the time of writing. The daily volume surge was down 38.47% to $1.01 billion, while the capital market was down 1.16% from yesterday to $27.87 billion.
