<p style="text-align: justify">Despite recent positive developments for <strong><a href="https://en.coin-turk.com/do-kwons-blow-to-xrp-sec-officially-announces/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ripple</a></strong>, a significant sale of 52 million <strong>XRP</strong> tokens in large transactions has attracted attention. XRP price experienced a 5.11% decrease. This unexpected activity was highlighted by Whale Alert, which tracks whale transactions, and indicated a significant movement in the digital asset. However, one <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">analyst</a> interpreted this move differently.</p>
<h2 style="text-align: justify" id="an-unexpected-ripple-xrp-price-drop-amid-whale-activity">An Unexpected Ripple (XRP) Price Drop Amid Whale Activity</h2>
<p style="text-align: justify">Following its legal victory against the U.S. Securities and Exchange Commission (<a href="https://en.coin-turk.com/crypto-investors-hopeful-as-bitcoin-continues-to-trade-in-a-narrow-range/" data-wpel-link="internal" rel="noopener noreferrer nofollow">SEC</a>), Ripple’s <strong>XRP</strong> experienced a surprising correction in its price. The drop coincided with two significant transactions involving 52 million XRP tokens.</p>
<p><img decoding="async" class="wp-image-278345 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/11/ripple-xrp-cointurk.png" alt="ripple xrp cointurk" width="756" height="263"></p>
<p><img decoding="async" class="wp-image-278346 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/11/ripple-xrp-coin-cointurk.png" alt="ripple xrp coin cointurk" width="762" height="240"></p>
<p style="text-align: justify">The transactions were initiated from an anonymous wallet and resulted in the transfer of XRP to two major cryptocurrency exchanges, Bitstamp and Bitso. While such transfers typically indicate a intent to sell, the decline in XRP’s value suggested that the assets were sold at a loss.</p>
<h2 style="text-align: justify" id="reason-for-the-drop">Reason for the Drop</h2>
<p style="text-align: justify">The massive XRP transfer, initially estimated to be worth $31.7 million, occurred alongside a significant drop in the asset’s price. The price fell from $0.0651 to $0.616, marking a notable decrease of over 5%. This drop followed a similar incident where false news about BlackRock XRP ETF contributed to a 12% drop earlier in the week.</p>
<p><img decoding="async" class="wp-image-278347 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/11/XRP-cointurk.jpg" alt="XRP cointurk" width="1201" height="800"></p>
<p style="text-align: justify">However, an alternative analysis by Bithomp proposed a different narrative. According to their research, the transaction may not have originated from an intent to sell. Instead, they suggested that the wallet in question was associated with Ripple and the transfer was carried out to support the company’s balance sheet with fiat. This strategic move could be in line with supporting the liquidity of Ripple Payments, previously known as on-demand liquidity, and emphasize a more nuanced perspective on the purpose of the transaction.</p>
<h2 style="text-align: justify" id="analyst-ali-martinez-offers-a-different-interpretation-of-whale-transactions">Analyst Ali Martinez Offers a Different Interpretation of Whale Transactions</h2>
<p style="text-align: justify">Ali Martinez, a renowned analyst in the cryptocurrency world, interpreted this development differently. Highlighting the 18% drop in XRP over the past 10 days, the analyst pointed out the notable increase in whale transactions and assets, contrary to this situation. According to the analyst, the growing interest from major players could indicate a potential recovery in XRP price.</p>
<p><img decoding="async" loading="lazy" class="wp-image-278348 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/11/XRP-ali-martinez-cointurk.png" alt="XRP ali martinez cointurk" width="2836" height="1356"></p> Continue Reading: <a href="https://en.coin-turk.com/an-unexpected-ripple-xrp-price-drop-amid-whale-activity/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/an-unexpected-ripple-xrp-price-drop-amid-whale-activity/</a>

An Unexpected Ripple (XRP) Price Drop Amid Whale Activity

Table of Contents

COINTURK NEWS

Other articles published on Nov 18, 2023

XRP whales’ interest peaks despite market fall, Will XRP price recover?

Vyvo Smart Chain Announces NFT Expansion for Apple Watch at Web Summit

Using KSN Token to Empower Farmers and Revolutionize Agriculture through Decentralization

IMF: Biden-Xi meeting is the key to world cooperation

ChatGPT Creator OpenAI Kicks Out CEO Sam Altman – Any Bearing On The Crypto Sector?

AI Ranks Top 10 Forwards of All Time: Messi and Ronaldo Fall Short of the Top Spot

Join our free newsletter for daily crypto updates!