Ripple-Related Account Moves Over 50 Million XRP to Cryptocurrency Exchanges

Friday, 24 May 2024, 16:24
A significant sell-off took place as a Ripple-related account transferred over 50 million XRP to exchanges, intensifying the bearish sentiments. Transactions to Bitso and Bitstamp have added selling pressure, impacting the XRP price. The distribution pattern suggests ongoing sell-offs, potentially affecting XRP's market dynamics.
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Ripple-Related Account Moves Over 50 Million XRP to Cryptocurrency Exchanges

Market Alert

A Ripple-related account has recently transferred over 50 million XRP to cryptocurrency exchanges, indicating a significant sell-off.

Transaction Details

  • Ripple released 1 billion XRP from its initial distribution on May 1.
  • More than 30 million XRP was sent to Bitso, and 26 million XRP to Bitstamp.
  • On-chain data raises concerns about XRP's performance.

The sell-offs could impact XRP's price and market dynamics significantly.

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