XRP price staged a comeback this week, climbing above $0.50 after a weekend dip mirroring Bitcoin’s struggles. However, a flurry of large XRP transfers to cryptocurrency exchanges has cast a shadow on the recovery, raising concerns about a potential sell-off.
XRP Recovers, But Exchange Inflows Raise Questions
Following a 21% price plunge over the weekend, XRP has clawed its way back to the $0.5 range, currently sitting at $0.5165. This 5.3% surge appears promising, but on-chain data reveals a cause for concern.
Whale Alert, a platform tracking large cryptocurrency transactions, detected significant coin movements from unknown wallets to three major exchanges within the past 24 hours: Bitvavo, Bithumb, and Bitstamp.
The largest transfer involved a staggering 390 million coin, worth over $200 million, deposited into the prominent Korean exchange Bithumb. This was followed by Bitvavo receiving 40 million XRP in two separate transactions, totaling over $20 million.
Community Divided on Impact
These large-scale inflows have triggered mixed reactions within the coin community. Some, like user Daniel, fear an impending “big dump” that could send prices tumbling. The timing of these movements, following a period of price recovery, adds to the speculation.
Also Read: Ripple Wins Round 1: 70% Of Investor Claims Dismissed, But XRP’s Fate Uncertain
However, further investigation paints a less clear picture.Coin explorer Bithomp suggests the massive Bithumb transfer might be an internal exchange movement, originating from a Bithumb-linked wallet. The source of the coin sent to Bitstamp and Bitvavo remains shrouded in mystery.
Ripple’s Move Adds Fuel to the Fire
The recent exchange inflows come on the heels of Ripple’s decision to transfer 100 million coin to an unidentified wallet, further fueling sell-off anxieties.
Uncertainty Remains
While the true intentions behind these large XRP transfers are unknown, they undoubtedly cast a shadow over the recent XRP price gains. Investors should closely monitor market developments and consider these exchange inflows when making investment decisions concerning XRP.
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