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XRP continued to fall as large token offloads added to selling pressure. The asset saw more than $70 million worth of XRP deposited to Bybit, following a broader crypto market downturn that has led some investors to reduce exposure to major cryptocurrencies, including XRP.
On Tuesday, Feb. 10, blockchain tracking platform Whale Alert reported a major XRP transfer involving 50,000,000 XRP, valued at more than $70.37 million. The transfer occurred in a single transaction, with an unknown wallet depositing the tokens to Bybit, one of the leading cryptocurrency exchanges.
While the purpose of the transfer was not confirmed, market participants discussed it as a potential sell attempt. In crypto markets, transactions are often interpreted as sell signals when large amounts of tokens are moved to exchanges or trading platforms.
The deposit came amid heightened volatility across the cryptocurrency market, during which several leading assets recorded significant losses. XRP was also affected, falling to around the $1.40 level and down 2.42% over the past day.
As volatility persists, large XRP deposits to exchanges can increase concerns about additional downward pressure. The 50,000,000 XRP transfer to Bybit has therefore drawn attention from investors focused on how such movements may influence near-term price action.
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