XRP’s price has slumped almost 7% in the past 24 hours after a so-called whale transferred US$93 million of the cryptocurrency to an unknown wallet on May 18, according to blockchain analytics platform WhaleAlert.
Fast Facts:
- Following the transfer, involved just under 62 million coins, XRP had seen a rise of almost 12% to a high of US$1.70 on May 18 before falling back to US$1.39 at press time.
- As highlighted by the Finance Magnates website, Ripple had reported a surge in XRP sales during the first three months of 2021, attracting US$33 million of institutional inflows during the second week of April. Ripple remains the seventh-largest cryptocurrency in the world in terms of market capitalization, lagging Tether.
- In the latest developments from the U.S. Securities and Exchange Commission’s lawsuit against Ripple, XRP investors are seeking to intervene as third-party defendants in the trial. The SEC is arguing that the investors should be barred for their “extreme partiality” and because they will not provide any additional information to the court.