The recent market fluctuations have created quite a commotion and caused many investors to panic. Amidst the market volatility, one Ripple Whale has moved 25 million XRP tokens to Bitstamp today, probably preparing to dump his coins. This move comes after a massive Bitcoin sell-off that caused its price to fall below 8,000 dollars mark.
Ripple whale on the move
Whale Alert’s Twitter handle reported a massive whale transaction in which the holder moved around 25 million XRP tokens to Bitstamp. The sum is worth over 5.2 million dollars at the current trading price, and the origin of the coins is an unknown wallet.
The owner of the wallet is unknown as XRP coins are distributed to various early adopters and are also distributed as a reward to Ripple partners. The main source of Ripple coins is the company’s escrow wallet, which unlocks one billion XRP coins every month.
While the company claims that it does not intend to sell XRP, the company has done so in the past. At this point, the digital currency is still suffering from high selling pressure. The recent market tribulations only add to the asset’s misery. The current market sell-off has affected every asset in and out of the crypto markets. As a result, Ripple’s already falling economy has taken another hit.
The wallet from where the coins originated was activated back in August last year. The Ripple whale wallet has always held XRP only and has sent coins to Bitstamp on various occasions across the last few months.
Bitstamp has become an XRP hub and reports a trading volume of over 33 million dollars while it has a real activity of 700,000 dollars.
Featured image by pixabay.
From Zero to Web3 Pro: Your 90-Day Career Launch Plan
