Several large XRP transactions as the crypto token remains under $1

According to Whale Alert, there are several large XRP transactions that have just hit the market at a time when the token was still under $1. At the time of writing, XRP maintains a 24-hour range of $0.83 and $0.86, is changing hands at $0.844.

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XRP/USD 4-hour chart | Source: TradingView

XRP transactions move several million worths of the token as it struggles near $1

One of the large transfers was 177,149,680 XRP tokens worth about $149,186,279 traded between unknown wallets. Before that, a similar transaction worth about $151,262,681 took place, moving 177,149,701 XRP.

In addition, two major transfers were made to the exchanges, namely FTX and Bithumb. In it, crypto exchange Gopax made a transfer of 50,083,908 XRP to FTX, and in another transfer, 70,000,000 XRP was transferred internally between Bithumb. Meanwhile, total trade volume is estimated at close to $650 million at press time.

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XRP has been unable to sustain a bull rally in the last four months to reach a new ATH. As the coin remains under $1, XRP has returned 298.6% in the last year. As its monthly and weekly returns are both unimpressive at over -15%. Despite XRP’s sluggish price action and a lawsuit with the SEC, Ripple CEO Brad Garlinghouse recently called 2021 its strongest year.

However, Arcane’s recent analysis for XRP is not all bright. It noted in its 2022 prediction that XRP will fall out of the top 10 cryptocurrencies by market cap, along with Cardano.

With that being said, let’s also look at Ripple’s co-founder and its first CTO, and also the founder of Stellar, Jed McCaleb’s wallet balance. There have been no sales since August and the balance reportedly remains 709,911,634 XRP on the live charts. Meanwhile, his “tacostand” wallet is officially missing in action.

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