Millions of XRP moving on-chain calls for caution, not panic
XRP is one of the top 10 losers of the day. The payment token’s price, down 3%, is $0.368. The market downturn has been all-encompassing, and while it affects the most valuable altcoins in terms of market capitalization, XRP has provided some hints as to what might have set off its downturn.
🚨 43,600,000 #XRP (16,558,966 USD) transferred from #Bitso to unknown wallethttps://t.co/CUTnCyfSeQ
— Whale Alert (@whale_alert) March 2, 2023
Over 121 million XRP coins have been traded on-chain in the last 12 hours. The greatest of these transfers were 46.5 million XRP units, worth around $16.5 million, leaving the Bitso exchange and going to an unidentified wallet. A total of 32 million XRP and 43 million XRP units were also moved along with the payments.
While the motivation for the movement is yet unknown, there is no indication that the owners of these funds are related. Thus, investors are advised to proceed cautiously for the time being. Given that the market is already recording significant liquidations totaling more than $240 million, this has become even more critical.
The crypto community is frequently weighed down by various types of FUD (Fear, Uncertainty, and Doubt), and this time, the negative is more severe. Stablecoin administration, as in the case of Paxos Trust, and staking services, as in the case of Kraken, are examples of where the regulator is invading the market. Even the plan for Binance to buy the assets of Voyager Digital. It was stopped by US regulators, demonstrating the beginning of increased scrutiny from market watchdogs.
Despite all of these factors, the industry is renowned for being very robust, which may enable the ecosystem to quickly recover.
- XRP Price Support Levels Could Be Crucial For Future Movements As It Receives Additional Support From OKX
- This Is Why After Uphold’s Announcement, The XRP Community Was In Turmoil