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Large transactions occur on the network as selling pressure increases
Millions of XRP are moved into the market after a series of disturbing news about Ripple’s lawsuit against the SEC. While the nature of the aforementioned deals remains unclear, splitting a large sum into three deals could be hiding something from network sleuths.
The first transaction took place on the network at 1:25:11 UTC on Friday, December 2, and was most likely an internal transaction of the Bitso exchange. While the receiver in the ad was marked as “unknown,” the string of previous transfers suggests he is tied to the centralized crypto exchange rather than a whale or retail investor.
Seconds before the aforementioned transaction happened, we saw a transfer of funds of 28 million from an unknown wallet to the centralized exchange. The sender does not appear to be related to Bitso, which means that nearly 30 million XRP could end up in the market, causing a significant increase in selling pressure on XRP.
The third trade appeared five minutes later and moved about 2 million from the initial transfer of 30 million, suggesting the exchange is redistributing a large deposit among its own hot wallets.
Typically, such a large inflow, even in a relatively small exchange, is not a good sign for XRP, which is furiously fighting against the existing selling pressure. Unfortunately, the bulls were unable to push the value of XRP above the critical resistance levels and are now left with no choice but to accumulate the asset just below the high resistance level.
At press time, XRP is trading at $0.38 and losing around 2% of its value in the last 24 hours. The daily trading volume remains at 130 million XRP, a standard value ahead of the weekend trading session.
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