Around 220 million units of the native token of Ripple, XRP, have been transferred in four transactions, according to data from Whale Alert.
Per data from CoinGecko, XRP has lost over 19% of its value within the last seven days and is currently worth $0.3264. Going by this, it means over $70 million worth of the coin was transacted.
This transaction is coming at a time the crypto industry is experiencing one of its worst hits. The market crash has led to the fall of the industry’s market cap to less than $1 trillion for the first time since January 2021.
However, amid the transactions identified by Whale Alert, XRP has recorded a 3.5% increase in the last 24 hours.
Ripple is currently facing SEC in a lawsuit that many analysts in the industry believe would provide more clarity for the crypto space.
XRP Transaction Details
Details regarding the transactions indicated that the traded XRP was moved between accounts with unknown identities and two different exchange platforms.
The platforms involved were Bitso and Bitstamp. Before now, the two platforms are prominent for providing Ripple’s ODL service. This service relies on XRP for speedy and relatively low-cost transnational payments and remittances.
Meanwhile, in another development regarding the transactions, a foremost analytics website in the industry, Bithomop, revealed the identity of the owners of the unknown wallets.
According to the platform, these wallets are owned by two different exchanges, Bittrex and BitGo exchanges.
Further details indicated that aside from the four transactions, one of the exchanges, Bitso, transferred 60,000,000 XRP between its own wallets alone.
The reason behind the sudden decision to trade these coins remains largely unknown. However, there are indications that the transactions might be just another panic selling by investors who want to cut their losses.
Since the market began to crumble weeks ago, numerous investors had already sold their holdings.