Ripple Sells Tens of Millions of XRP at a Loss – Price Drops After Recent Rise
Despite the XRP price going down slightly, Ripple has transferred several tens of millions of XRP to a major crypto exchange, which seems like a sale, as reported by major blockchain tracker Whale Alert.
Prior to that, a staggering amount of several hundreds of millions of XRP was moved from a crypto exchange to an anonymous wallet.
Ripple sells XRP while price goes down
The above-mentioned crypto tracking service spotted two large transactions, carrying 29,700,000 XRP and 425,322,309 XRP. The first lump was transferred to Bitstamp.
Details provided by Bithomp, an XRP-oriented data provider, show that the sender of this crypto was San Francisco-based blockchain company Ripple Labs, which transferred almost 30 million XRP to sell it for $15,040,591.
🚨 29,700,000 #XRP (15,040,591 USD) transferred from unknown wallet to #Bitstamphttps://t.co/CFhbnG3anf
— Whale Alert (@whale_alert) September 3, 2023
As for the second XRP lump, it was transacted from Bitvavo digital exchange to a wallet tagged by Whale Alert as “unknown.”
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 425,322,309 #XRP (213,135,940 USD) transferred from #Bitvavo to unknown wallethttps://t.co/vmTEuHvFRN
— Whale Alert (@whale_alert) September 3, 2023
Since the start of August, several XRP transactions of similar size were detected and reported by Whale Alert, with one of them made from Bitvavo.
In the meantime, today, Monday, Sept. 4, the price of fifth place digital currency XRP dropped 1.44% after rising by 4.73% since Friday. The Ripple giant, though, it seems, managed to transfer the coins to Bitstamp before the price decline. However, it is unclear whether the company sold at a profit or at a loss. At the time of this writing, XRP is changing hands at $0.50331.
On Aug. 30, Ripple also transferred 31,000,000 XRP to sell this crypto.
Ripple returns 800 million XRP to escrow
On Sept. 1, the aforementioned blockchain behemoth conducted a scheduled, programmed monthly release of one billion XRP coins from escrow, something Ripple has been doing on a regular basis since 2018 to support XRP’s liquidity on the market and promote the coin.
However, soon after these releases began, Ripple started to lock around 80% of the unlocked billion XRP back in escrow, thus injecting into the market only approximately 200 million XRP on average every month.