SBI VC Trade has transferred millions of XRP.
SBI Holdings, one of Ripple's largest partners and one of Japan's leading holdings, made a transfer of 200 million X R P, further increasing investors' fear of the recent price drop. It seems that the funds were sent from the cryptocurrency exchange affiliated with SBI Holdings to SBI VC Trade.
200 Million XRP Transferred
It is seen that the crypto money transfer in question was made in two different transactions with 100 million XRP each. In other words, with this transfer made by SBI Holdings, a total of more than $ 102 million was transferred. Although Whale Alert cited these transfers as "originating from unknown wallets," later research proved that the wallets were affiliated with SBI.
SBI VC Trade is a platform that opens for institutional investors and basically enables investors to withdraw Bitcoin, XRP or Ethereum-based loans. This transfer from SBI's cryptocurrency exchange to the VC Trade wallet indicates that someone has requested to withdraw large XRP credits or funds have been replenished.
BitGo Involved In XRP Transfers
Some of the funds are seen to be sent to BitGo. BitGo, which is also in partnership with Ripple, provides cryptocurrency custody and storage services for financial institutions. On December 12, it was seen that about 246 million XRP was released from BitGo wallets, which went to SBI VC Trade wallets.
XRP price is traded at $ 0.50 in the continuation of all these developments and it could not recover after the airdrop. This drop of XRP, which went up to $ 0.77 about 3 weeks before the airdrop program, was an expected development. In big news and developments like this in the cryptocurrency industry, even if the price rises until the event occurs, the price tends to crash when the event is over.
Will XRP Price Fall Again?
XRP price also hovered around $ 0.55 before the event, but fell to $ 0.48 when the airdrop day came. These transfers now indicate that whales are beginning to take different paths. The critical level for XRP appears to be the $ 0.48 support that was previously tested.
If the XRP price drops below $ 0.48, the next target appears to be $ 0.33. The panic for XRP investors may increase the selling pressure and accelerate the decline.
