A cryptocurrency enthusiast and investor has moved over 68.49 million XRP to the cryptocurrency exchange Bybit. This took place on the morning of February 3. The trader moved over $17.17 million USD from his unknown wallet. The information was released by the crypto bot on Twitter Whale Alert.
XRP Massive Trader Moves Massive Amount of XRP
The cryptocurrency market has seen how a trader has moved more than $17.17 million worth of XRP (68.490,648 XRP) from his unknown wallet to the virtual currency exchange Bybit. This means that a trader is thinking about selling some of the coins.
Although the XRP community is bullish about the future of Ripple and XRP, most of the reactions to the tweet were certainly bearish. Some of the users consider that this could lead to an XRP sell-off.
In the last 24 hours, XRP is the third-fastest falling digital asset in the cryptocurrency market. Indeed, XRP lost 1.68% of its price in the last 24 hours, and it’s getting closer to $0.25 a price that could work as a support for the third-largest digital asset in the market.
— Whale Alert (@whale_alert) February 3, 2020
It is worth mentioning that the cryptocurrency market has been growing in the last few weeks. XRP was able to move from $0.185 to $0.256 a few hours ago. This price increase took place in just one month, since the beginning of January until February the 2nd. This represents a price increase of over 38% in just a month.
Meanwhile, Bitcoin (BTC), the largest virtual currency in the world, moved from under $7,000 to $9,400 in the same period of time.
This shows that traders were very excited about the future of the space and how it could evolve in the coming months. Bitcoin is also going to experience a halving event and this is expected to affect the price of the most popular virtual currency in the market. At the same time, altcoins are also starting to move higher after 6 months (or even more in some cases) in a bear trend.
Despite the recent transfer of over $17.17 million worth of XRP to this crypto exchange, Ripple is planning very interesting things for this year. The main goal is to improve the current financial system and help companies and banking institutions to process fast and cheap transactions across borders.