A recent transaction by an XRP whale is currently threatening XRP’s price recovery. This particular address is known to have moved all their XRP holdings worth millions of dollars, a move that the XRP community fears could cause a downturn in the token’s price.
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 that is linked to Bitvavo. Interestingly, data from the XRP Scan shows that the receiving address was just activated prior to when the transaction occurred.
While the reason for this recent transaction remains unclear, such moves are always known to stir the crypto community as they raise speculations of a sell-off or an impending one. Dumping XRP tokens of such magnitude will no doubt have an impact on XRP’s price and could cause the token to decline further.
Whale transactions involving XRP seem to have become a common trend, with Bitcoinist and NewsBTC reporting on several occasions how a significant amount of the token has been moved from one address to another. Last week, over 63 million XRP tokens were moved in two different transactions between crypto exchanges and unknown wallets.
Meanwhile, it is worth mentioning that the address that received the 443 million XRP is yet to make any move, as on-chain data shows that there haven’t been any outflows or inflows since then. That should calm fears about any impending selloff, as the move might have been made as a security measure to secure the funds.
Token price struggles at $0.56 | Source: XRPUSD on Tradingview.com
All Is Well That Ends Well For XRP Price
XRP holders have continued to worry about XRP’s stagnant price action, with the token failing to make a significant price move up since losing its gains from Judge Anlaisa Torres’ ruling. However, going by Crypto Rover’s prediction, these concerns may soon be a thing of the past as XRP is expected to make a parabolic move in the “upcoming 8 weeks.”
Crypto analyst Egrag Crypto has also continued to urge the XRP community to focus on the bigger picture rather than worrying about XRP’s current price level. This big picture includes his prediction that XRP could rise to as high as $27 in the next bull run. If these predictions somehow manage to materialize, then there’s definitely a happy ending for XRP holders.
Therefore, XRP’s tepid price looks like a small price to pay for the good things that possibly lie ahead for those who hold steadfast to their conviction that XRP will witness a parabolic move at some point.
At the time of writing, XRP is trading at around $0.56, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Forbes, chart from Tradingview.com
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Author: Scott Matherson