Whale Sells $14 Million in XRP Despite Ripple's Successes

6/10/2023

Despite recent positive developments within the Ripple ecosystem, concerns have arisen among investors due to large XRP transfers by whales.  A significant amount of XRP, approximately 26.8 million tokens worth $14.24 million, was moved from an unknown wallet to the Bitstamp exchange, fueling speculation about a potential sell-off.  Another substantial transfer of 20.40 million XRP tokens, valued at $10.83 million, occurred from an undisclosed wallet to the Bitso exchange, further raising investor concerns.

While these transactions have dampened some of the recent gains in XRP's price, the cryptocurrency has experienced significant growth thanks to positive news from Ripple.  A recent legal victory occurred when Judge Analisa Torres denied the SEC's request for an interlocutory appeal, reaffirming that retail XRP buyers did not anticipate profits from Ripple.  Additionally, Ripple's Singapore subsidiary received provisional approval for its Major Payments Institution (MPI) license, allowing it to offer digital payment token services in Singapore.  Ripple was also recognized on the Fintech 100 list, solidifying its status as a leading fintech innovator globally.

However, despite these achievements, XRP's price was down 1.18% over the last 24 hours, trading at $0.523, with reduced one-day volume and a slight drop in market capitalization.

Resource:  https://coingape.com/whale-dumps-14-mln-xrp-despite-ripple-latest-wins/