XRP faced renewed selling pressure after a large transfer to Bybit coincided with a downturn in prices. The asset saw over $70 million worth of its token dumped on Bybit. The transfer, which happened in a single transaction, saw an unknown wallet deposit the massive amount of XRP to the leading cryptocurrency exchange, Bybit, in a move perceived to be a major sell attempt.
Whale Alert later reported that 50,000,000 XRP (70,378,108 USD) was transferred from an unknown wallet to Bybit, underscoring the scale of the move. Although the intention behind the large XRP transfer remains unclear, market participants have speculated it to be a sell-off attempt as the tokens move back to exchanges.
The move occurs amid broad market volatility, highlighting rising selling pressure and investor caution across leading tokens. Analysts will watch liquidity and exchange inflows in the coming sessions.
Leave a Reply