Crypto Kit Sells $25M worth of XRP - Is the Address Linked to Ripple?

Despite the broader crypto market recovery, the Ripple-backed asset XRP has seen wild price movements.

While Bitcoin and altcoins like ETH , SOL и BNB Faucet slightly recovered, for a while XRP was trading in the red. This sharp price movement comes after the massive sale of 52 million XRP by a whale on two centralized exchanges (CEX).

Recent posts from Whale Alert on X highlighted that the well-known XRP whale, …Rzn, collectively transferred 52.27 million XRP, worth $24.95 million, to two exchanges in the last day. The whale made two transactions, transferring 30.65 million XRP to Bitstamp and 21.62 million XRP to Bitso .

These transactions indicate increased selling pressure for the asset and coincide with the lackluster price action. Although there is speculation that this address may be related to Ripple, no concrete evidence has been provided. These sales have become a recurring event in the crypto space following Ripple's strategic acquisition of a stake in Bitstamp.

The price of XRP is going down

At the time of writing, the XRP price is down 0.30% and is currently trading at $0.4746.

The data of Coinglass reveal mixed investor sentiment: Open interest (OI) in XRP futures rose 0.60% to $589.51 million, suggesting some optimism. However, derivatives volume fell 35.19% to $631,71 million, indicating potential volatility.