XRP whales appear to be on the move again, as the markets recently witnessed the movement of over 578M XRP tokens in 24 hours amid a recovery phase for the asset.
Blockchain tracking and analytics system Whale Alert recently disclosed a series of four whale transactions involving the movement of a cumulative amount of 578M XRP in under 24 hours as the markets stage a recovery from one of the deadliest bloodbaths witnessed in a while.
The first two transactions involved the movement of tens of millions of XRP tokens between Luxembourg-based exchange Bitstamp and unknown addresses. In the early hours of Thursday, Whale Alert highlighted a transaction involving the movement of 60M XRP ($20.9M) from an unknown wallet to Bitstamp. The transaction occurred at 1:35 AM (UTC) today.
Barely a minute after, another XRP whale movement was recorded on Bitstamp; only, this time, Bitstamp saw a massive outflow of the token. At 1:36 AM (UTC) today, a whale moved 56M XRP worth $19.6M from Bitstamp to an unknown wallet. There is limited information on whether the previous transaction and this one are connected.
As the day progressed, the markets witnessed another massive exchange outflow involving XRP, as a whale moved a whopping 150M XRP valued at $54.2M from the South Korean exchange Bithumb to an unknown wallet. The transaction occurred at 10:22 AM (UTC) today.
Notwithstanding, the largest XRP transaction recorded in a while occurred shortly after. At 11:56 AM (UTC) today, 312M XRP worth $112.8M was moved from one wallet to another – both addresses remain unidentified as of press time.
The Crypto Basic previously highlighted massive whale movements of 234M XRP between exchanges as the asset price plummeted by 17% when the markets were declining.
Out of the 578M+, XRP moved, and 206M+ were taken out of centralized exchanges (CEXs). Considering the FTX insolvency issues, investors’ confidence in centralized exchanges has waned in the past 48 hours. Consequently, it will not come as a surprise to witness a mass withdrawal of assets from proponents who feel cold wallets are now necessary.
These whale movements come when the markets struggle to recover from one of the fiercest massacres witnessed in the current cycle. XRP, in particular, tanked from a value of $0.46 on Tuesday to $0.32 on Thursday, marking a 29% decline in just 48 hours. The latest market slump was majorly triggered by the FTX saga, which filled the crypto space with massive chaos.
XRP has been set up on a recovery path alongside the rest of the crypto market. The asset has gained 6.6% in the past 24 hours, trading at 0.38 against the dollar as of press time. Despite the 24-hour increase, XRP is still declining in the 7-day timeframe – a pattern that appears prevalent across several assets.
Additionally, XRP technical indicators are moving toward favorable territories despite currently indicating a “Sell” signal, according to TradingView.
The recently-engineered market recovery has been partly influenced by the latest US CPI data, which indicated that consumer prices increased by 7.7% in the year through October – a rate lower than what was projected. The favorable data suggests that the Federal Reserve’s interest hike crusade might halt. This has contributed to an uptick in the value of stocks and cryptocurrencies.