The third-largest cryptocurrency, XRP, continues to bleed. In fact, the token is too close to dipping below $0.20. However, the (@whale_alert) Twitter account finds that almost 50 million XRP has been moved from an unknown wallet to the Bitstamp cryptocurrency exchange.

This information was reported on November 26, 2019, noting that 49,999,996 XRP (worth approximately  $11,033,148) has been moved from an unknown wallet to Bitstamp. The movement happened at 08:41:21 UTC on Ripple blockchain between these wallet addresses; r38DNbMu9bzaGzo6iPBK7LTTDRfPx3byFd and rDsbeomae4FXwgQTJp9Rs64Qg9vDiTCdBv respectively.

Investors Turning Away From Ripple’s Native Cryptocurrency

The transaction deemed as successful with 0.000045 XRP as fees for completing it. While XRP is widely famous for its quick-settlement feature, its current declining value has frustrated many bag-holders.

Notably, the furious community members are losing hope on XRP’s upcoming price movement. While few believe that the token might even see a massive drop, some think it might even go under ten cents. More so, others are calling the community to sell XRP and buy Bitcoin.

Swell Failed to Influence XRP Price

Even though the token has witnessed a brief price appreciation of about 1% within the past 24 hours, it has failed to show any radical change in terms of its trading value. At press time, XRP remains number three out of the top 100 cryptocurrencies according to CoinMarketCap and is valued at $0.21 against USD. Moreover, it sits with a market capitalization of $9,517,636,731 behind Bitcoin (BTC) and Ethereum (ETH), respectively.

It’s worth noting that Ripple’s annual conference, Swell 2019, had also failed to influence the value of XRP this year. In contrast, analysts had earlier believed that the yearly conference of Ripple had had a positive impact on XRP’s trading value every year.

The parent company Ripple has been cracking various partnerships deals with the international remittance providers, but nothing has moved XRP price to an upward graph so far.


Images are courtesy of Twitter, Shutterstock.


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Ali Qamar

Ali Qamar is the blockchain and cryptocurrency enthusiast (formerly full-time privacy and security guru), his work has been featured in many major crypto, finance, and security blogs. He also is the co-founder of 5Gist.com.

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