25 Million XRP Moved to Bitstamp by Ripple Whale following Sell-off Fears
The recent global turmoil affected Bitcoin and other altcoins. The narrative of crypto assets as safe-haven somehow proved wrong as digital assets became unstable following the uncertainty in the financial markets. Ripple also took a bearish move, and as a result, many XRP holders sold tokens.
Crypto alert outlet Whale Alert revealed that 25 Million XRP has been transferred to the crypto exchange Bitstamp from the XRP wallet. The transaction took place following the massive crypto sell-off, which shows that whales are turning to fiat rejecting cryptocurrency.
— Whale Alert (@whale_alert) March 10, 2020
However, the detail is still unclear about the wallet, and the transaction of 25 million XRP worth $5.2 million is a blur. The wallet only stored XRP tokens and sent assets to exchanges many times last year.
Ripple Foundation has been harshly criticized in the past for selling XRP after unlocking from the escrow wallet. However, they have rejected that they are engaged in selling tokens and in the manipulation of coin’s price.
Bitstamp is Providing Best Liquidation for XRP
The cryptocurrency exchange Bitstamp is known for hitting European customers on a wider level. According to exchange volume data, Ripple is closing above $33 million in volume, and actual liquidity is even more than this value.
On March 7, @TplusZero noted that the trading volume of XRP on Bitstamp topped value. ‘’#XRP trading volumes move to the top spot on the world’s longest-standing crypto exchange (@Bitstamp). Don’t expect an explosion, but apparently utility driven volumes are starting to move,’’ he added.
Bitstamp provides the best liquidation for XRP in the markets. A crypto maximalist @Sciclo1 commented,’’ It is also important to note that it seems that the profits are being cashed out directly through #Bitstamp and we found no evidence that any of it is being reinvested into the crypto market.’’
Ripple (XRP) performed well in the past 24 hours. Currently, XRP is trading at $0.21 with a 3.66% increase in the last 24 hours. In the year to date, the coin is still up by 10%.