Ripple
XRP worth $15M transferred: Here’s the why and how of it all
Posted:
| Last updated: February 6th, 2024
Journalist
- Close to $15 million worth of XRP was recently transferred to a centralized exchange.
- XRP remained in the $0.05 price range as it suffered a minor decline.
A recent report indicated that Ripple [XRP] experienced a significant transfer to a centralized exchange. This transfer raised the question of whether it could potentially affect the asset’s liquidity and market dynamics.
How much are 1,10,100 XRPs worth today?
$15 million worth of XRP moves to an exchange
On 29 October, a report from Whale Alert highlighted a substantial transfer of Ripple XRP from an undisclosed wallet. The transfer involved 26.7 million XRPs, valued at nearly $15 million, being moved to Bitstamp, a centralized exchange.
This transfer indicated an intention to potentially sell approximately $15 million worth of XRP. This has prompted inquiries about its potential influence on price trends.
How does this latest move impact XRP’s transaction volume?
According to data from CoinMarketCap, XRP has witnessed a significant surge in trading activity over the past 24 hours. As of this writing, its total volume exceeded $793 million. Notably, this volume has increased by more than 50% within the last 24 hours.
This data suggested that XRP has experienced robust trading activity during this time frame. Also, the previously mentioned transfer does not appear to have had a substantial impact on the market.
Additionally, a closer examination of the whale transaction chart on Santiment revealed that there has been no pronounced uptick in trends.
Transactions involving sums exceeding $100,000 have shown a modest upward trend at the time of this report, with 50 transactions falling into this category. Nevertheless, this increase has not been substantial enough to trigger a significant market spike.
Source: Santiment
Furthermore, when considering transactions involving sums over $1 million, there appears to be limited activity. As of this writing, only three transactions could be observed.
Similar to the volume chart, these charts indicated that the recent movement had not significantly affected the overall trend of XRP transactions.
XRP maintains bull trend
On 29 October, the day when the transfer was initiated, XRP concluded its trading session with a 2% increase in price. The daily timeframe chart indicated that it closed at approximately $0.55.
Source: TradingView
Realistic or not, here’s XRP’s market cap in BTC’s terms
As of this writing, XRP was trading at a slight loss, with the decline being less than 1%. The chart also revealed that it had managed to sustain the $0.55 price level despite the minor setback.
Furthermore, the chart illustrated that XRP was in a strong bullish trend at press time, though it had not been able to replicate the remarkable trend it experienced following the SEC ruling.
