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In a surprising turn of events, Whale alert revealed a massive transfer of 22.8 million XRP tokens, worth $14.23 million, from an undisclosed wallet to Bitstamp, one of the oldest exchanges in the crypto market.
The mysterious wallet, created last January, has a history of several transactions involving both Bitstamp and the Mexican exchange Bitso.
Oddly enough, both platforms share a common thread: they are avid users of Ripple services, particularly the Ripple Payments service, and can boast a long-standing collaboration with the famous crypto company.
Notably, the anonymous wallet still holds over two million XRP, raising speculation about its potential affiliation with Ripple. The timing of this large transfer, which could be linked to Ripple’s operations, is raising eyebrows as it precedes a notable drop in the value of XRP.
In the hours following the transfer, the XRP Price fell 8.1%, returning to levels last seen in early December.
CoinGlass data reveals that this downturn resulted in a staggering $5.55 million in liquidations for long XRP positions, accounting for 97.7% of all liquidations – both short and long – over the 12 last hours.
Currently trading at $0.623 per token, the XRP community remains in limbo, grappling with the question: is this the start of a panic or a golden opportunity to snap up assets at a discount?
The market now finds itself at a crossroads and all eyes are on the unfolding events. As XRP holders grapple with uncertainty, the community eagerly awaits further developments to determine whether this is a crisis or an opportune moment to seize. The unfolding saga promises to reveal itself in the coming days.