Impact

<p>The post <a href="https://coinpedia.org/news/ripples-xrp-price-plummets-5-amid-whale-transactions-and-odl-movements/">Ripple’s XRP Price Plummets 5% Amid Whale Transactions and ODL Movements</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In a surprising development, Ripple Labs, a company usually associated with positive developments in the crypto world, has had a tough week. This downturn comes as significant amounts of XRP were sold, coinciding with a noticeable drop in the cryptocurrency’s price.</p> 
<h2 class="wp-block-heading" id="h-background-information"><strong>Background Information</strong></h2> 
<p>XRP, the digital asset from <a href="https://app.coinpedia.org/company/ripple" target="_blank" class="profile-details">ripple</a> <span class="company_user_profile"><span class="profile_data"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/10122626/info_icon.svg" alt="information" class="info-icons"></span> <span class="company__wrapper"> <span class="company__content"> <span class="profile_link_element"><a href="https://app.coinpedia.org/company/ripple" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/09190601/link.svg"></a></span> <span class="company_logo"> <a href="https://ripple.com/" target="_blank"> <img decoding="async" src="https://image.coinpedia.org/app_uploads/profile/1657967159590o09wizsbnt.png" class="company_logo_img" target="_blank"></a> <span class="company-name">ripple</span> <span class="company-details"></span> <span class="company_mail">m***h@ripple.com</span> <span class="company_category"><span>Crypto / Blockchain Solution</span></span><span class="company_category"><span>Payment solution</span></span> <span class="profile-company-social"> <span class="company-social-icons"><a href="https://ripple.com/" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/10161442/globe.svg"></a></span> <span class="company-social-icons"><a href="https://www.facebook.com/ripplelabs" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2023/01/27173941/facebook-1.png"></a></span> <span class="company-social-icons"><a href="https://www.linkedin.com/company/ripple-labs" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/09190603/li.svg"></a></span> <span class="company-social-icons"><a href="https://twitter.com/ripple" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/09190602/tw.svg"></a></span> <span class="company-social-icons"><a href="https://www.instagram.com/ripple_labs" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/09190603/in.svg"></a></span> </span> </span> </span> </span> </span> &nbsp;&nbsp;&nbsp;, has been on an upward trajectory for the past three months, even amid ongoing legal challenges with the U.S. Securities and Exchange Commission (SEC). However, the market recently faced a sudden price correction, with XRP’s value taking a hit.</p> 
<h2 class="wp-block-heading" id="h-recent-developments"><strong>Recent Developments</strong></h2> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 16,600,000 <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw">#XRP</a> (10,083,310 USD) transferred from <a href="https://twitter.com/hashtag/Bitso?src=hash&amp;ref_src=twsrc%5Etfw">#Bitso</a> to unknown wallet<a href="https://t.co/4HtVklMaCF">https://t.co/4HtVklMaCF</a></p>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1725514250771198135?ref_src=twsrc%5Etfw">November 17, 2023</a>
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<p>Whale Alert, a service that tracks large cryptocurrency transactions, recently identified two major XRP transfers from an anonymous wallet to the crypto exchanges Bitstamp and Bitso. In total, these transactions involved the movement of over 52 million XRP. Analysis from Bithomp, an XRP-focused blockchain explorer, suggests that these transactions might be linked to Ripple Labs rather than being a straightforward sale.</p> 
<p>Also read: <a href="https://coinpedia.org/news/yfi-token-in-freefall-37-drop-and-4-7-million-liquidations-in-24-hours/" target="_blank" rel="noreferrer noopener">YFI Token in Freefall: 37% Drop and $4.7 Million Liquidations in 24 Hours</a></p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 25,400,000 <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw">#XRP</a> (15,611,475 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Bitstamp?src=hash&amp;ref_src=twsrc%5Etfw">#Bitstamp</a><a href="https://t.co/EknzSRCqBD">https://t.co/EknzSRCqBD</a></p>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1725265920652648677?ref_src=twsrc%5Etfw">November 16, 2023</a>
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<h2 class="wp-block-heading" id="h-impact-on-market"><strong>Impact on Market</strong></h2> 
<p>Following these large transfers, the price of XRP fell sharply, from $0.0651 to $0.616—a drop of over 5%. This decline followed a previous decrease of 12%, which was attributed to false rumours regarding a BlackRock XRP ETF.</p> 
<h2 class="wp-block-heading" id="h-explainer-on-demand-liquidity-odl"><strong>Explainer: On-Demand Liquidity (ODL)</strong></h2> 
<p>Ripple Payments, formerly known as On-Demand Liquidity (ODL), is a key part of Ripple’s ecosystem. Unlike traditional banking systems that rely on prepaid accounts for money transfers, Ripple Payments, powered by XRP, offers a more direct and efficient transactional process.</p> 
<p>These recent developments put Ripple Labs in the spotlight, with the cryptocurrency community closely monitoring the situation. As the market responds to these significant transfers, the future movements of Ripple and XRP remain a point of keen interest for investors and analysts.</p>

Ripple’s XRP Price Plummets 5% Amid Whale Transactions and ODL Movements

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