In the past week, amidst a bearish market trend and global focus on the Middle East conflict, the price of XRP has seen a significant dip following the transfer of 55 million tokens to Bitso and Bitstamp exchanges. The transactions were tracked by Whale Alert from anonymous wallets, causing the cryptocurrency's price to slump by nearly 8% and its trading volume to decrease by 5.54% to $712.01 million.
The first transfer involved 23.7 million XRP to Bitso, while the second was a move of 31.2 million XRP to Bitstamp. The total value of these transfers was approximately $26.5 million, with $15 million worth of XRP moved to Bitstamp and $11.5 million to Bitso.
These large-scale transfers have sparked discussions within the crypto community. With XRP's current trading price at $0.4833 and a market cap of $25.83 billion, observers are questioning whether these "whales" are preparing for further losses due to market uncertainties or fulfilling Ripple's global payment solution, On-Demand Liquidity (ODL), requirements on Bitstamp.
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