A recent transaction by a XRP whale is currently threatening the price recovery of XRP. This particular address is known to have moved all their XRP holdings worth millions of dollars, a move that the… XRP Community can cause anxiety a downturn in the price of the token.
Whale moves over 443 million XRP
Data from blockchain tracker Whale Alert shows that an unknown address linked to crypto Bitvavo sent 443,112,410 XRP to another unknown address linked to Bitvavo. Interesting enough, facts the XRP scan shows that the receiving address was just activated before the transaction took place.
While the reason for this recent transaction remains unclear, such moves have always been known to stir the crypto community as they spark speculation about a sell-off or an impending sell-off. Dumping XRP tokens of such a magnitude will undoubtedly have an impact on XRP price and could cause the token to fall further.
Whale trades involving XRP seem to have become a common trend, with Bitcoinist and NewsBTC report on several occasions how a significant portion of the token has been moved from one address to another. Last week passed 63 million XRP tokens were moved in two different transactions between crypto exchanges and unknown wallets.
In the meantime, it’s worth mentioning that the address that received the 443 million XRP has yet to make any move, as data about the chain shows that there has been no outflow or inflow since then. That should allay fears of an impending sell-off, as this measure may have been taken as a security measure to safeguard the funds.
Token price struggles at $0.56 | Source: XRPUSD on Tradingview.com
All is well, that ends well for the XRP price
XRP holders have kept worrying about XRP’s stagnant price action, with the token failing to make a significant price increase since losing its gains from Ruling by Judge Anlaisa Torres. Still over Crypto Rover’s predictionThese concerns may soon be a thing of the past as XRP is expected to make a parabolic move in the “next 8 weeks.”
Crypto analyst Egrag Crypto has also continued to urge the XRP community to focus on the bigger picture instead of worrying about it The current price level of XRP. This big picture includes his prediction that XRP could rise as high as $27 in the next bull run. If these predictions somehow come true, there is certainly a happy ending for XRP holders.
Therefore, XRP’s lukewarm price seems like a small price to pay for the good things that may lie ahead for those who cling to their belief that XRP will witness a parabolic move at some point.
At the time of writing, XRP is trading around $0.56, down over the past 24 hours. facts from CoinMarketCap.
Featured image from Forbes, chart from Tradingview.com
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