Ripple Transfers 50 Million XRP to Exchanges

Ripple XRP


IMPORTANT POINTS:

  • A Ripple-related account has transferred 56.01 million XRP to exchanges, intensifying selling pressure.
  • The transactions included 30 million XRP to Bitso and 26 million to Bitstamp.
  • The price of XRP has seen variations, trading at $0.5358, with an RSI of 51, indicating a neutral market stance.

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A Ripple-related account has recently transferred over 50 million XRP to cryptocurrency exchanges, indicating significant selling.

On May 1, Ripple released 1 billion XRP from its initial distribution, with the tokens locked in monthly trusts until 2027. The company sent 200 million XRP to its treasury account and locked the remaining 800 million in new trusts.

After receiving the 150 million XRP this month, the target Ripple account, rP4X2…sKxv3, distributed some tokens to different untagged accounts.

A Ripple-related address, identified as r4wf..Rzn, has sold 56.01 million XRP on exchanges in the last 24 hours, intensifying bearish sentiments.

The transactions included nearly 30 million XRP to Bitso and 26 million XRP to Bitstamp. This additional selling pressure has contributed to the current XRP price decline.

The on-chain data, highlighted by Whale Alert, suggests concerns about the performance of XRP, which is the seventh-largest cryptocurrency by market cap.

The first transaction, which occurred on May 23, moved a staggering total of 30 million XRP tokens to the Bitstamp cryptocurrency exchange, valued at $15.4 million at the time.

Shortly after, the second transaction transferred exactly 25 million XRP tokens to the Mexican exchange Bitso, worth $11.4 million at the time. The specific exchanges involved are raising speculation about the reasons behind the action.

Luxembourg-based exchange Bitstamp has received significant amounts of XRP in recent months. The Bitso exchange has also seen large inflows of XRP following its partnership with Ripple.

This distribution pattern suggests that these accounts are likely to continue transferring Ripple’s XRP to various centralized exchanges for sale.

Such actions could increase supply pressure in the spot market, potentially impacting the price of XRP.

XRP Price

Ripple sales can significantly impact the price of the token by introducing more tokens into circulation, causing supply inflation. In the last 24 hours, XRP has seen both gains and losses, but at press time, it was trading at $0.5355, up 0.14% over the past day.

Despite this, the Relative Strength Index (RSI) stands at 51, indicating a neutral market stance where both bulls and bears could potentially take control.

Ripple’s monthly token distribution and subsequent sales are closely watched by the cryptocurrency community, as these actions can significantly influence XRP market dynamics.