Half A Billion XRP Moved Amid Price Drop; What’s Happening?

XRP News: After reaching a high of $0.41 over the weekend, the price of Ripple’s native token fell briefly on Monday. One of the reasons could be the recent Whale activity into the token that has seen a rise this year. Recently, Whale Alert reported that several addresses moved 508,500,000 XRP tokens worth more than $200 million.

XRP Price Drop: Whales moved Millions

As per the data provided by WhaleAlert, crypto whales moved XRP tokens to unknown private addresses and Bitstamp throughout the past 24 hours. The first whale moved 32,043,479 XRP (worth $13,002,714) from Binance to an unknown wallet address.

The second transfer was 205,500,000 XRP (worth $81,762,093) from an unknown wallet address to another unknown wallet address. The second and third whales moved 81,000,000 XRP (worth $32.1 million).

Finally, the fifth whale transferred 189,000,000 XRP (worth 75,552,320) from an unknown wallet to an unknown wallet.

In total, the whales moved 508.5 million XRP worth more than $200 million during the first week of February 2023. Read More XRP News Here….

At the time of writing, Ripple (XRP) is trading at $0.3975. XRP price has dropped by around 3.25% in the last 24 hours, which is down by 20% in the last 3 months. On 5 November 2022, the price of Ripple (XRP) was $0.50 and around 87% below its all-time high of $3.40.

This cryptocurrency has yet to show any significant strength as it continues its struggle over recent weeks. If the token manages to break the $0.43 level price level, a rally toward the $0.55 area could be expected in the short term.

Also Read: XRP A Complete Scam? Ripple CTO Replies

Disclaimer: The information provided in this article is solely the author’s opinion and not an investment advice

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