Ripple’s XRP has been stable after losing last week’s gains, but a recent on-chain transaction of 80 million XRP has caused alarm within the community. This transfer, worth $46.18 million, has sparked various speculations regarding the altcoin’s future.
Whale Alert, a platform that tracks large blockchain transactions, reported this significant movement of XRP from Ripple to an anonymous wallet. The size of the transfer has raised fears among investors about potential price impacts.
According to Bithomp, a XRP ledger explorer, Ripple now holds 46.34 million XRP valued at $26.44 million, indicating that the company has recently offloaded about two-thirds of its XRP holdings.
Legal expert Bill Morgan highlighted that Ripple is not prohibited from selling XRP, and such sales do not fall under investment contracts, potentially granting the company freedom. However, whether Ripple reports these sales to the SEC remains unclear.
Moreover, Whale Alert detected another large transaction where 25.7 million XRP, worth $14.83 million, was transferred to the Bitstamp exchange, suggesting another notable sale. XRP’s price is currently at $0.5714, down 0.73% in the last 24 hours, maintaining levels slightly below $0.58 after a recent drop from its peak at $0.6223.