There has been a noticeable increase in large transactions of XRP involving major holders (whales), with Ripple being involved in each batch. The most recent group of transactions involved a total of 104 million XRP. These transactions occurred when some analysts are concerned that the value of XRP may decrease and fall below $0.40.
50M XRP Movement by Ripple
According to Whale Alert, a recent movement of 104 million XRP tokens included 50 million tokens that were moved by Ripple, a FinTech company based in California. This transaction occurred at 00:08 (UTC) today.
As reported by fxcryptonews earlier, Ripple had already transferred 50 million XRP from their stash of 300 million tokens on May 9. The recent transfer of 50 million XRP, as reported by Whale Alert, marks the second transaction of this kind in just three days. Therefore, Ripple has now moved a total of 100 million XRP out of their original 300 million tokens.
Related article: Growth of XRP Addresses Reaches New Highs: Is XRP Heading to $1?
Other Whale Transactions
Apart from Ripple’s transfer of 50 million XRP tokens, two other large holders (whales) also moved a total of 54 million XRP tokens in two separate transactions. Both transactions involved sending the tokens to Bitstamp, a cryptocurrency exchange based in the United Kingdom.
On May 10 at 20:11 (UTC), a transfer of 26 million XRP (equivalent to $11.28M) was made to Bitstamp. Whale Alert reported that the wallet that initiated the transaction was not identified, but further investigations revealed that the wallet was actually affiliated with Ripple. In a separate transaction on May 11 at 19:48 (UTC), the same Ripple-affiliated wallet transferred 28 million XRP ($11.599 million) to the same Bitstamp wallet.
Related also: XRP Price May Drop by 25% Due to SEC vs. Ripple Ruling Delay; Here’s Why
XRP at Risk of a Drop: How Low Could XRP Go?
Analysts are concerned that XRP’s value may drop below $0.40, which would be the first time since March 21. Egrag, a well-known market analyst, recently warned that XRP could drop as low as $0.31, pointing out a downward channel visible on the daily chart.
However, Egrag also suggested that XRP may break out of this trend and reach $0.55. Currently, XRP is trading at $0.4296, representing a 6.56% drop in the past week. While XRP’s value decreased by 2.23% yesterday, it has recovered those losses and increased by 2.07% since the start of today.