<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/massive-ripple-transfer-on-bitstamp-exchange/" data-wpel-link="internal">Massive Ripple Transfer on Bitstamp Exchange</a><br></p>
<p style="text-align: justify">One of the longest-standing cryptocurrency exchanges, Bitstamp, witnessed a significant amount of <strong><a href="https://en.coin-turk.com/groks-predictions-for-xrps-future/" data-wpel-link="internal">Ripple</a> (XRP)</strong> tokens transferred by a whale investor. This event sparked intense speculation among the currency’s investors.</p> 
<h2 id="massive-transfer-in-ripple">Massive Transfer in Ripple</h2> 
<p style="text-align: justify">According to Whale Alert, on February 4th, approximately 29 million <strong>XRP</strong> were moved from an unknown wallet to the trading platform. The transferred tokens were worth $14.5 million based on XRP’s market value at the time of writing. Generally, the transfer of a large portion of assets by wealthy investors or whales to exchanges triggers anxiety among market participants. This is because there is a dominant belief that the <strong>token</strong> could be sold in a way that would create downward pressure on its price.</p> 
<p style="text-align: justify">Additionally, whales might also be changing wallets or exchanges, or they could be executing a large purchase. In the current scenario, it is difficult to measure the true intent behind the transfer. Whale transactions have significantly decreased since the unfortunate hacking last week, which resulted in the theft of over 200 million XRP tokens from accounts associated with the main company, Ripple Labs.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-311637 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/ada-1.webp" alt="" width="1320" height="543"></p> 
<h2 id="current-data-on-altcoin">Current Data on Altcoin</h2> 
<p style="text-align: justify">Nevertheless, some whales try to sell the <strong>token</strong> in smaller amounts over a longer period to avoid attracting attention. Therefore, it is not possible to completely rule out the selling pressure. The sixth-largest cryptocurrency has not recovered from the blows caused by last week’s exploitation and has since lost 3.8% of its market value.</p> 
<p style="text-align: justify">However, the price decline also reflected in XRP’s futures market. According to <strong>Coinglass</strong>, the number of short positions taken for the cryptocurrency exceeded the long positions at the time of writing. Despite the negatives, most traders were trying to acquire <strong>XRP</strong>. Furthermore, according to a review of Hyblock Capital data, the prevailing sense of greed in the market raised hopes for a price recovery.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/massive-ripple-transfer-on-bitstamp-exchange/" data-wpel-link="internal">Massive Ripple Transfer on Bitstamp Exchange</a></h5>

Massive Ripple Transfer on Bitstamp Exchange

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