Ripple, a prominent cryptocurrency payment company and the largest holder of XRP, has recently initiated a large-scale transaction that has captured the attention of the crypto market. The payment protocol and exchange network has released 150 million XRP, representing about 0.25% of the cryptocurrency's current market capitalization.

In a recent X post, Whale Alert, a blockchain tracker and analytics system, disclosed that Ripple sold 150 million XRP tokens valued at over $75.7 million. The recipient of the substantial XRP transfer was an anonymous crypto wallet address identified as “rP4X2hTa7A,” which was activated by Ripple.

Ripple has consistently maintained a relationship with the wallet address. Earlier on April 24, the crypto payments company transferred 100 million XRP to the above wallet address. After which, portions of the cryptocurrencies were distributed from the wallet to several external addresses.

The price of XRP has been consolidating around the $0.5 price mark. Historically, XRP's value tends to experience slight declines after Ripple sells its tokens. Ripple’s recent XRP transfer has potentially led to a dramatic decline in the price of the cryptocurrency. Just a few days ago XRP’s price was trading around $0.5. However, at the time of writing, the cryptocurrency is trading at $0.49, having declined by 1.37% over the past 24 hours and 4.03% in the previous week, according to CoinMarketCap.