Ripple’s XRP has been a center of attention as whales started to send some of their holdings to centralized exchanges.
Yesterday, Whale Alert, a crypto analytics firm posted an update that shows that 18,030,000 XRP tokens worth $10,394,008 have been transferred from an unknown wallet to Bitstamp.
Also, just a few hours after, the analytics firm posted that there was also a transfer of 19,700,000 XRP tokens which was worth $11,454,980 from an unknown wallet to Bitso.
19,700,000 #XRP (11,454,980 USD) transferred from unknown wallet to #Bitsohttps://t.co/xXpjQBnnDB
— Whale Alert (@whale_alert) September 18, 2024
Is a Crash Incoming for Ripple’s Token?
With more than $20 million transferred out within a few hours, the question remains: is a crash coming, or what could be the reason behind the transfer?
Such large transfers can indicate an intention to sell the token. This could also affect the sentiment of some investors who might think that the whales are already dumping.
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This is particularly sensitive when it comes to XRP because of its lackluster price action in recent times.
Ripple’s XRP, despite various bullish predictions from different top analysts, has continued to trade in a sideways direction. This has continuously discouraged many holders.
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The whale could be dumping the token to restrategize, put money in other cryptos, or try out new strategies—the intentions are not clear.
It could also be a move to provide liquidity to the exchanges and not necessarily a dumping plan.
Overall, the $20 million movement of XRP is significant, but it is not enough to crash the market, which is worth more than $32 billion at the time of writing.
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