The information obtained from XRP transactions executed on bithomp revealed that the tech startup Ripple Lab traded out 20 million XRP ($7 Million) yesterday. Afterward, another update claimed a fresh 60 million XRP was sold out today as the coin bleeds out in the market.
The main reason behind the huge sale is yet to be established, but the trade made from Ripple Lab account likely took place Over the Counter (OTC).
Although the price of XRP subsequently plunged while some other coins traded up in the market, data revealed by the XRPL explorer, bithomp, indicated that there were previous inflow into Ripple Lab account on the same day.
According to bithomp, the value of XRP deposited into the account was reckoned to be more than what was sold out by the tech company.
Bithomp recoded that an initial 10.7 million XRP was deposited into the account before 9 million XRP entered, and another 1 million XRP was dropped into the account at different times.
Nevertheless, there might be no link between the 20 million XRP transferred out of Ripple lab account and the latest downside rally of XRP in the market, but a case of huge XRP funds transfer tagged “whale movement” has been reported by XRPL Monitor in the last 24 hours.
Whale Moves out 60 Million XRP
Within the above stated duration, XRPL Monitor on twitter reported a transaction worth 60 million XRP. Thus, indicating that a whale in the space is moving his/her fund out.
Transaction Type: Payment
Amount: 60,499,922.98 XRP
Fee: 20,000 drops (0.02 XRP)
Sender Balance: 1,018,078.082089
Receiver Balance: 60,500,000.41045
— XRPL Monitor (@XRPL_Monitor) April 19, 2019
It is expected that the originating party acquired some XRP tokens before sending out purposely to increase the trading volume and price of the cryptocurrency, just like the case of Ripple Lab mentioned above.
As we don’t have necessary information about the account of the sender except the name, there is no sign that the dispatcher bought some tokens before selling out.
60 million XRP (about $20 million) is such a huge fund, and this could have great effect on the price of XRP in the coming days.
Ripple (XRP) in the Market
At the time of writing, a unit of XRP is priced $0.333055 against USD with a market cap of $13,978,583,886 USD, which makes it retain the third position.
While the likes of Bitcoin and some other coins are trading up, XRP has lost 1.39% of its value against USD and 1.57% against BTC in the last 24 hours.