XRP, the fourth largest cryptocurrency by market capitalization, has gained attention from the crypto community after a large transfer involving tens of millions of XRP stunned the market earlier today.
The transfer, which has stirred discussions across the crypto market, saw a total of 80,898,070 XRP worth over $117 million move among two unknown wallets, according to data provided by blockchain monitoring firm Whale Alert today, Feb. 17.
Although the nature of the transfer remains uncertain considering the undisclosed sender and receiver of the large XRP transaction, speculations predict the move has only sparked a selling narrative, with commentators suggesting that it could be Ripple selling.
The selling narrative is attributable to the bearish sentiment looming across the crypto market, as the market is consistently faced with repeating price corrections, which has seen all leading cryptocurrencies trade in red territory.
XRP stays in red
The timing of the transfer has sparked more doubts than hopes in the minds of investors, as many predict that such a large XRP transfer at a time when the price of the asset has plummeted significantly is unlikely to be a bullish move from the sender.
While XRP has remained in red territory since the time of the transfer, data from CoinMarketCap shows that XRP has declined by 2.69% over the last 24 hours, trading at $1.45 as of writing time.
This shows that the large transfer spotted earlier has not in any way impacted the asset’s price movement positively. Nonetheless, market watchers have expressed concerns about XRP’s next price action amid its weak on-chain performances.
XRP ETFs see fading momentum
While the XRP ETFs had started off very strong, recording significant daily gains as of the early days and weeks of launch, they have failed to maintain this strength.
Following sustained crypto market volatility, the funds have continued to see weak performances, recording little to no capital intake in recent days.