Ripple ignites speculations as it transfers 80 million XRP tokens

Ripple’s XRP maintained somewhat muted price actions after notable uptrends in the previous week. Meanwhile, significant whale shifts and enormous selloffs catalyze speculations of massive price dips on the horizon. In a latest transaction, Ripple moved a staggering 80 million XRP coins to an unknown wallet.

Ripple’s massive XRP transaction

Blockchain tracking platform Whale Alert confirmed that Ripple transferred 80 million coins, worth approximately $46.18M, to an unidentified address. The token shift sent shockwaves within the community as another price plunge could be imminent amidst the high volatility.

Ledger explorer Bithomp reveals that Ripple holds 46.34M XRP, worth around $26.44 million. That means the crypto firm reduced its XRP balance by about two-thirds, sparking speculations.

Moreover, Whale Alert disclosed another massive whale transfer. The player shifted 25.7M tokens (worth $14.83M) from an unknown wallet to Bitstamp. Again, this transfer highlights an upcoming selloff.

XRP price outlook

The altcoin recorded notable price upticks over the past week, climbing to the $0.6223 high. Nonetheless, bears drag XRP beneath $0.58 and threaten more dips.

XRP traded at $0.5712 at press time (down 0.76% in the past day), and its daily trading volume plummeted by 7.55% to $876.81 million. Therefore, the altcoin could slide further before exhibiting a solid directional move.

Nonetheless, XRP remains among the cryptos with a promising future, and the company's team could testify this. CEO Brad Garlinghouse catalyzed speculations of a Ripple ETF during a recent conversation.

Garlinghouse expects the Securities and Exchange Commission to approve more crypto-related exchange-traded funds after spot Bitcoin ETFs. Such a development would cement Ripple's status in the global remittance market, a recipe for massive price growth.