XRP Sees $10.6M Inflow as Price Dips to $2.18

Key Points:

• XRP sees $10.6M inflow in one week, signaling strong investor interest despite price pullback.
• Whale Alert tracks $1.4B in XRP moved between wallets, sparking discussion across the crypto community.
• Ripple’s partner SBI VC Trade linked to 320M XRP transfer, easing fears of early escrow release.

XRP traded at $2.18 on Monday, slipping from $2.22 in the past 24 hours. This marks a 0.4% drop in the token’s daily price. Despite the slight decline, XRP’s trading volume saw a sharp increase of 47.30%, reaching $1,581,635,444.

A price drop accompanied by a volume surge may indicate traders are taking profits or adjusting their positions. Over the past week, XRP recorded an 8.1% gain, which may have prompted some market participants to lock in profits.

Market Cap Steady, Inflows Continue

XRP’s total market capitalization currently stands at $128.87 billion. Alongside this, the token attracted a $10.6 million inflow over the past week. Month-to-date inflows reached $21.2 million, while year-to-date inflows are now at $219 million.

The sustained inflow of funds points to continued interest from institutional and retail investors. While the price has pulled back slightly, the continued movement of capital into the token may signal longer-term confidence in the asset.

$1.4B Worth of XRP Moved Between Wallets

Blockchain tracker Whale Alert reported that around 640 million tokens were transferred across three transactions. These transfers were valued at $703.5 million, $351.6 million, and $351.6 million respectively, totaling nearly $1.4 billion.

All transfers were between unknown wallets, prompting discussion within the community. The first transfer involved 320 million XRP, followed by two transfers of 160 million each. Users on social media speculated on the reason behind the movements, with some suggesting that the transactions could be related to whale accumulation or pre-scheduled releases.

SBI VC Trade Linked to Massive Transfers

XRP wallets tracking service @XRPwallets identified SBI VC Trade, a crypto exchange operated by Ripple’s Japanese partner SBI, as the origin of the 320 million XRP transfer. This movement took place in two transactions of 160 million XRP each.

According to data from XRPscan, the tokens were moved from SBI VC Trade 4 to a wallet ending in -QjNRCZ. Community members noted the scale of the transfers but found reassurance in the traceable origin of the assets, reducing speculation about market manipulation or early escrow releases.

Ripple CEO Brad Garlinghouse recently reaffirmed his strong position on XRP’s long-term value. He responded “1000%” under a post on social media featuring an XRP tattoo he got in 2023. This comment was widely circulated within the community, though it did not specify any short-term price targets.