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HomeCrypto NewsMarket244M+ XRP on the Move as Price Tanks

244M+ XRP on the Move as Price Tanks


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XRP whales appear active late, as they move over 244M tokens within 24 hours amid a price dip.

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Amidst a failing crypto market, XRP has been shedding some of the gains it picked up in the past weeks, as whales appear to have moved 244.8M tokens between exchanges in the past 24 hours.

The first whale transaction involving XRP today occurred at 12:44 AM (UTC), as a whale transferred 30M XRP, worth $11.8M against prevailing rates, from an unidentified wallet to the Latin American exchange Bitso.

Barely a minute after that, another XRP whale transaction involving Bitso occurred, as the exchange saw an outflow of 49.5M XRP valued at $19.5M at 12:45 AM (UTC). The Crypto Basic had reported a series of XRP transactions similarly in the past involving Bitstamp. Notwithstanding, it is unclear if these transactions are in any way connected.

Hours later, another XRP whale deposited millions of XRP tokens to Luxembourg-based exchange Bitstamp in a transaction involving 32M XRP worth $12.1M. The transaction was carried out at 2:28 PM (UTC). Investors mostly move their assets to exchanges when they intend to engage in selloffs. Nonetheless, little is known if this is the case here.

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The fourth whale transaction, which involved 133.3M XRP ($50.4M), was by far the largest witnessed in the past 24 hours. The transaction, which occurred at 3:20 PM (UTC), saw the XRP tokens move from one unidentified wallet to an unidentified wallet, contributing to the enigmatic nature of the transaction.

These whale movements suggest investors’ interest in effecting changes to address the dynamic market conditions witnessed of late, especially concerning XRP. Following an attempt to rise from the recent slump, XRP hit another major hurdle currently impacting the asset’s price.

Despite not plummeting to the previous low of $0.32 seen on Thursday, XRP has dipped by 3.87% in the past 24 hours to trade at $0.37 at the reporting time. The asset is still suffering from the recent bloodbath the broader crypto markets experienced, with a 7-day decline of 23.58%. Prevailing market sentiments have done little to contribute to XRP’s resilience.

These whale movements have been prevalent amidst the asset’s newly-found dip. As previously reported, XRP whales, in a similar fashion, moved over half a billion tokens in 24 hours when the asset began staging a slight comeback against the bears.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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