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Ripple (XRP) has been in a state of uncertainty in recent times with its moves. As a result of these moves, XRP has experienced losses of over 5% in a row.
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According to Whale Alert data, 46.34 million XRP were transferred to an unknown wallet on January 30 by Ripple.
XRP Sales on Bitstamp Exchange According to research by AMBCrypto, this transfer is not new, but has been going on for the past few days. First, 27.7 million XRP worth over $14.4 million were sent from an unknown wallet to Bitstamp on January 28. The next day, 27.1 million XRP worth over $14.5 million were again sent from an unknown wallet to Bitstamp. In other words, more than 100 million XRP in total have been transferred to Bitstamp Exchange in the past 3 days, presumably to be sold.
XRP Trading Volume Increases The examination conducted by AMBCrypto shows us everything clearly. The impact of the transfers on the volume is also evident. The altcoin’s volume reached $493 million on January 28th. It then rose above $900 million on January 29th. It rose to $1.2 billion on January 30th.
At the end of trading on January 30th, it traded around $0.51 with a loss of over 4% in value. On top of that, the news of Ripple (XRP) being hacked also came, and it found support in the $0.48 band.
Investors’ Confidence in Ripple (XRP) Intact AMBCrypto also noticed another interesting detail. It also found that the funding rate indicates a decrease in aggression from buyers. The Coinglass graph showed that the Funding Rate had recently declined while remaining positive.
The last time the Funding Rate was this low was on January 3, which coincided with a price drop of over 6%.
Ripple Analysis
The recent sell-offs of XRP by Ripple and the hack news have shaken the confidence of investors. However, the fact that the funding rate remains positive indicates that there is still some buying interest.
In order for XRP to rise from its current position, it needs to see a reversal in the sell-offs and a return of investor confidence. This could be driven by positive news from the SEC lawsuit or by a broader recovery in the cryptocurrency market.