XRP price climbed back above $0.53; nevertheless, apprehensions arise as Ripple initiates a selloff of 46 million XRP tokens.
Ripple’s XRP marked a significant rebound today, nullifying losses from the previous week. However, the XRP community is disconcerted by substantial selloffs and noteworthy whale movements, heightening market uncertainty.
Adding to the unease, Ripple recently executed a substantial transfer of 46 million XRP tokens, prompting concerns about a potential impending selloff amid increased volatility.
Ripple Liquidates Substantial XRP Reserves
A recent Whale Alert post highlighted a substantial XRP transaction conducted by Ripple, fueling community concerns of a significant selloff that could impact XRP prices, despite recent recovery. The post indicates that Ripple sold 46.34 million XRP tokens, valued at $24.74 million, directing them to an undisclosed wallet. 
Bithomp data reveals Ripple’s current XRP reserve is minimal, with just 270 XRP tokens, equivalent to $147. However, there’s speculation that Ripple may replenish its reserve by purchasing XRP in the future.
Additionally, another notable whale transaction involved the transfer of 27.10 million XRP tokens, valued at $14.57 million, to Bitstamp. The recurrence of substantial selloffs raises concerns within the XRP community, coinciding with the crypto’s recent rebound past $0.53.
Trends of XRP Price
The 24-hour trading volume for XRP experienced a substantial 33.73% increase, reaching $909.06 million. Throughout the day, the XRP crypto price surged from a low of $0.5206 to a peak of $0.5396.
However, XRP Captain, an advocate and crypto analyst, predicts a drop below $0.50 soon, echoing concerns about recent major sell-offs. Interestingly, he anticipates the price crash before an expected Falling Wedge breakout, with the XRP price eventually surpassing $0.64 post-breakout.
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