The post XRP Transfers Hit Mega Millions, Possible Reasons appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. XRP is currently facing a bearish sell-off, on the assumption that major whales are moving funds to exchanges to sell. This trend was spotted by crypto data insights provider Whale Alert, which showed three successive transfers featuring 100,000,000 XRP initiated internally from Ripple Labs, 23,400,000 XRP and 24,700,00 XRP moved to Bitstamp and Bitso, respectively. With the exact motive behind these transactions obscure, they generally underscore how ripe XRP is for profit-taking, a sentiment that justifies the move of the last two to trading platforms. Per the justification, XRP has been on a major rampage in recent times, with its price soaring as high as 30.12% in the past month. Amid the broad buyer excitement, XRP touched a high of $0.72, its highest level since July, when Judge Analisa Torres declared in a landmark ruling that its programmatic sales on secondary marketplaces do not constitute a security. With the mega run, most long-term XRP holders felt the need to scrape off some gains as a reward for their gruesome HODLing experience through the SEC lawsuit. At the time of writing, XRP is changing hands at $0.6514, down by 6.55% in the past 24 hours. Imminent XRP recovery Despite the threat of a sell-off by major XRP whales and the accompanying price slump, hopes for an imminent recovery are high. This…

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Filed under: News - @ November 10, 2023 11:16 pm