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Ripple Sells Millions of XRP as XRP Price Drops 7.3% — Losses Don’t Matter?

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Ripple Sells Millions of XRP as XRP Price Drops 7.3% — Losses Don’t Matter?

Tue, 12/12/2023 – 15:06

Ripple Sells Millions of XRP as XRP Price Drops 7.3% — Losses Don't Matter?
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Popular blockchain platform Whale Alert, which tracks down large crypto transactions and reveals their details on the Twitter/X social media site, has detected an impressive crypto transfer, carrying 26 million XRP to major crypto exchange Bitstamp.

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In the meantime, Ripple-affiliated cryptocurrency lost nearly 7.50% over the past two days and so far has been unable to recover.

$16.1 million in XRP on move

According to Whale Alert, an anonymous whale transferred a total of 26,400,000 XRP (the equivalent of $16,180,905) to the Bitstamp exchange. The XRP community in the comments thread took it as a sign of an upcoming XRP price dump and initiated a discussion about whether such a probability is high or not.

Whale Alert data shows that the transfer was initiated by an unregistered cryptocurrency wallet. However, additional information provided by XRP explorer Bithomp shows that it was made by an anonymous blockchain address affiliated with Ripple fintech behemoth.

Bitstamp is a well-known Ripple partner in its On-Demand Liquidity (ODL) venture that has been recently converted into simply “Ripple Payments.” This Ripple service is powered by RippleNet network having multiple international customers, and it uses XRP for transferring value across various platforms (“ODL bridges”) in different countries around the world.

These transactions carrying from 20 to 30 million XRP to Bitstamp have been noticed pretty often by Whale Alert over the past three months. Often enough, Ripple sends tens of millions of XRP not only to Bitstamp but also to Bitso, a crypto trading platform based in Mexico, and an ODL partner of Ripple since 2019.

Mike Novogratz bows to XRP

As reported by U.Today, earlier this week Mike Novogratz, crypto mogul and advocate, and head of Galaxy Digital, admitted in an interview that he had changed his attitude toward XRP — from negative to positive.

He admitted that he was wrong about this digital asset, while he continued to support Bitcoin, Ethereum and other altcoins.

Initially, Novogratz criticized Ripple for holding 60% of XRP tokens (now that figure is down to 50%). But now, he expressed respect toward Ripple chief Brad Garlinghouse and the whole XRP army for their continuous support of the coin.

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