- Investors in XRP are becoming more concerned as Ripple withdraws another 150,000,000 XRP, causing a 6% drop in price.
- Ripple and Binance were involved in the transfer of $213 million worth of XRP.
Ripple Labs grabs headlines After transferring 150 million USD ($78 Million) of its reserves, investors are now expressing their concerns. The blockchain company launched a similar project on June 1st, where it released one billion XRP of its original distribution. Ripple 1 received 200 million XRP (or $104.1 million) from Ripple 24’s wallet.
Ripple 1 received another 200 millions XRP on the same date, which brings the total up to 400 million. Ripple, according to Bithomp has a 250 million XRP reserve.
It is likely that the recent transfer of 150,000,000 XRP from an unidentified wallet to a destination outside suggests a transaction for cashout. next Few days. Our research has also revealed that Ripple was not the sole entity facilitating large XRP transfer.
Whale Alert reported that on the 7th of June at 07:07 UTC, Binance sent 13,75 millions XRP to an unidentified wallet. Crypto News Flash reported It is estimated that in 24 hours 218 coins have been shuffled.
150,000,000 #XRP Transfer of 78.209.179 USD #Ripple Unknown wallethttps://t.co/lPfylIvDdm— Whale Alert (@whale_alert) June 7, 2024
Binance then transferred another 25,42,000,000 XRP to an unidentified address. In addition, Binance transferred XRP valued at $14 million to an unidentified address.
Ripple leads other exchanges in XRP movements
On the Japanese cryptocurrency exchange Coincheck, 61,117,000 XRP ($32 million) was transferred from an unknown wallet to Coincheck’s wallet. Coincheck then transferred almost 61.142.691 XRP (32 million dollars) to an unidentified wallet. Bitstamp’s and Bitso’s exchanges also reported inbound transfers totaling 58.7 Million XRP. Over the past 24 hours, a total of 410.239.560 XRP (or $213 million) was moved. Ripple LabsBinance is involved, as are Coincheck, Bitstamp and Bitso.
Ripple released XRP intentionally to put pressure on spot prices. Analysts noticed that whenever Ripple sold its tokens, XRP experienced a local crash. Only 5 of 12 days that have seen a sell-off resulted positively in price.
It has experienced a long-term bearish trend as the asset struggles to achieve a positive return each month. Analysts are optimistic, however. They expect XRP’s multi-year symmetrical pattern to be broken.
Analyst Amonyx believes that the long-anticipated big explosion in XRP is coming soon. Egrag Crypto, on the other hand, expects XRP to break free of the triangle in order to mimic the 41% Surge recorded following a similar movement in 2017. In 2017, XRP soared by 61,150%. Analysts believe that the current bull market could continue for a while. 61,390% surge. For Ripple CEO Brad GarlinghouseAccording to his prediction, the cryptocurrency market cap will be $5 trillion by this year.
At the time this article was published, XRP traded at $0.49. 6% Last 24 Hours 21% Dates are based on the year.
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Source: www.crypto-news-flash.com