A massive amount of XRP has been transferred over recent times, as reported by the blockchain transactions tracking site Whale Alert. As tracked and reported by Whale Alert, the San Francisco-based cross-border remittance payments firm Ripple and two very famous digital currency exchanges have shifted an amount of 100 million XRP recently.
Whale Alert Detects Two Transactions
Whale Alert has detected two separate transactions in which this gargantuan amount of XRP was transferred. Ripple, the creator of XRP, made the first transaction in which it wired an amount of 30 million XRP. The transaction took place between the company’s own wallets. The company might have moved these XRP to use funds for meeting the company’s operational expenses.
While on the other hand, in the second transaction, two major digital currency exchanges were involved, including the leading United States-based cryptocurrency exchange Coinbase and the Hong Kong-based crypto exchange Bitfinex. In this transaction, Bitfinex sent an amount of around 70 million XRP to the Coinbase exchange. Cumulatively, this amount is worth approximately $28 million. This amount was transferred within the duration of just 20 hours.
Ripple has, on the other hand, witnessed a significant surge in its one of the On-Demand Liquidity (ODL) corridors’ liquidity index. Reportedly, the liquidity index skyrocketed to reach 9,154,990 on the platform of Bitso, a top digital currency exchange based in Mexico. However, this value is still far away from hitting its all-time high value, which stands at 32,705,851.
XRP Is Still Surrounded By Bearish Sentiment
Meanwhile, the fourth-ranked digital currency is continuously trading in the bearish zone as bearish sentiments present around the coin are becoming stronger and stronger with each passing day. And this is all because of the ongoing legal battle between Ripple and the US Securities and Exchange Commission.
After facing a loss of around 18 percent in its price value last week, which led the coin to go down below the psychological level of $0.30, another crucial level is slipping away from the hands of this cryptocurrency. XRP is losing control over its key support level of $0.27, which it cannot afford to lose at the current critical time. At the time of writing, the price value of XRP is standing at around $0.27 with a change rate of -5.65 percent in the last 24 hours.