Ripple Labs, embroiled in a legal battle with the SEC, continues to attract attention as large quantities of XRP are regularly transferred to exchanges, with the latest transfer involving over 29 million XRP. These movements coincide with a drop in XRP’s price, raising speculation about the outcome of these funds.
An unknown wallet transferred 29.1 million XRP to the Bitstamp exchange, as revealed by Whale Alert, a service known for tracking cryptocurrency whale activities. The transaction was valued at over $15 million, garnering the attention of global crypto investors.
The market is also experiencing Bitcoin-led declines, with Ripple’s native token XRP continuing to see similar exchange transfers. Previous transactions from the same address have shifted large amounts of XRP to centralized exchanges (CEXs), following Ripple’s unlocking events that negatively impacted the market.
Despite the uncertainty surrounding the fate of these transferred XRPs, such consistent large-scale transfers to exchanges may be exerting downward pressure on prices and investor sentiment, as a decline in value was observed.
At the time of writing, XRP’s price had dropped by 5% in the last 24 hours, briefly falling below the critical $0.50 level before recovering. Weekly and monthly analyses show declines of 11.28% and 17.42%, respectively. However, analysts, including Ali Martinez, suggest a potential recovery phase for XRP, while another analyst, XRP Whale, predicts a bullish trend for the token in 2024, possibly starting in February.