XRP Market Drops 4% After Ripple Moves 200 Million Worth Tokens

XRP has taken a sharp hit, dropping nearly 4% in the last 24 hours. This decline comes in the wake of significant whale activity, with Ripple moving a staggering 200 million worth tokens.

After a period of relative calm in the crypto market, XRP took a hit with a sharp drop of nearly 4% in the last 24 hours. This decline comes on the heels of significant whale activity, as Ripple moved a staggering 200 million worth of XRP in a series of transactions.

Whale Alert, a market-tracking service, reported the massive movement of 200 million XRP, valued at $118.9 million at the time of the transaction, from a Ripple wallet to an unknown address labeled “rP4…xv3.” According to data from Bithomp, the transaction occurred at 19:30 UTC yesterday. Notably, this address is also associated with Ripple, making the move less mysterious but no less impactful.

Following the initial transfer, half of the amount, 100 million worth of XRP, was swiftly sent to another Ripple-linked address, “rhW…2hk.” This address has been actively engaged in moving large amounts of XRP, with previous transactions including 20 million worth tokens on August 25, and 100 million XRP on August 14 and 5. On July 28, it transferred 50 million worth tokens, showcasing a pattern of heavy activity.

The chain of transfers continued as the “rhW…2hk” address proceeded to send 16.4 million worth tokens to yet another Ripple address, “r4w…Rzn,” which then moved the same amount to the Bitso exchange. This address has a history of funneling the token to exchanges, with a recent transaction of 25.45 million XRP to Bitstamp at 20:03 UTC yesterday.

As Ripple shuffled XRP, the market reacted. The token fell by 3.71%, now trading at $0.5710. This drop does not occur in isolation, as Bitcoin (BTC) and Ethereum (ETH) also encountered drops of 6% and 8%, respectively, in the same period.

The timing of Ripple's large movements and the market's broader downturn suggests a correlation, but the full impact on the token's price remains to be seen.

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