Large transactions occur on network as selling pressure ascends
Millions of XRP are being moved in the market following a series of disturbing news regarding the Ripple trial against the SEC. While the nature of the above transactions is unclear, the distribution of large sums of money in three transactions may be hiding something from network sleuths.
The first transaction occurred on the network at 1:25:11 a.m. UTC on Friday, Dec. 2, and has most likely been an inner transaction of the Bitso exchange. While the receiver in the announcement was marked as “unknown,” the series of previous transfers suggest that it is tied to the centralized crypto exchange rather than a whale or retail investor.
A few seconds before the above transaction occurred, we observed a 28 million fund transfer from an unknown wallet to a centralized exchange. It appears that the sender is not tied to Bitso, meaning that approximately 30 million XRP could end up in the market, significantly increasing the selling pressure on XRP.
The third transaction appeared five minutes later and moved around 2 million from the initial 30 million transfer, suggesting that the exchange is redistributing a large deposit among its own hot wallets.
Normally, such a huge inflow for a relatively small exchange does not bode well for XRP, which is struggling badly with the current selling pressure. Unfortunately, the bulls could not propel the price of XRP above important resistance levels and now they have no choice but to accumulate the asset just below the strong resistance level.
At press time, XRP is trading at $0.38 and losing around 2% of its value in the last 24 hours. The daily trading volume remains at 130 million XRP, a standard value ahead of the weekend trading session.
