140 Million Transfer of XRP Whales Triggered Speculation and Increased Fear!

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Ripple reopens possibility of selling crypto assets worth millions of dollars on the agenda. Naturally, this development XRP caused the price to drop even further.

The price of XRP climbed to a new high around $0.74 on March 12, but faced strong resistance and fell to $0.67. Buyers stepped in and helped prices rise to as high as $0.70 within a few hours.

However, market participants Ripple They appeared to indicate they were wary of another sale following a major transaction related to .

According to data detected by Whale Alert, Ripple transferred 140 million XRP (worth $95 million) to a different address. In comparison, the address moved 18.79 million tokens ($12.7 million) and currently still holds 169 million tokens (about $114 million).

While the community curiously questioned the reason for the last transfer, speculations increased. Some XRP community members think this is a ploy to profit from Ripple’s recent rise, but the real reason remains unclear.

While speculation continues about the reason behind the latest transfer, the transaction history of the receiving address suggests that this move may be a selling move. The address usually buys cryptocurrency in large quantities and then sells it in pieces, which can create activity in the market.

XRP Transfers Attract Attention!

The latter model differs from Ripple’s large on-chain XRP transfers used for on-demand liquidity (ODL) transactions. In the latter, the address usually receives tokens and moves them immediately after receiving them.

As Koinfinans.com reported, although it is not possible to say anything definitive, it is noteworthy that the market reacted negatively to this major transfer. XRP dropped to $0.67 shortly after the transfer, but has risen to $0.68 at the time of writing.

Overall, XRP lost 2% in value on a day when many other major cryptocurrencies gained value. Even though it made a significant 9% gain last week, more buyers are needed to ensure the market participates in a continuing uptrend.

Source : The Crypto Basic


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