XRP whales have resumed on-chain activities, as over 421M XRP tokens worth $168M+ were recently moved in just 5 hours.
Amid a seemingly recovering market, XRP has witnessed a reawakening of its whales. A series of seven whale transactions within 5 hours recently put 421.1M XRP tokens valued at $168.4M on the move. The seven transactions between 3 and 7:45 AM on Saturday (UTC) saw the tokens moved between Bitstamp and unknown wallet addresses, as indexed by blockchain tracker Whale Alert.
The first transaction, which saw the movement of 29 million XRP ($11.6M), occurred on November 26, 3:07 (UTC). The transaction appears to have been an internal movement as it involved transferring the tokens from a multisig Bitstamp address to another Bitstamp address.
The second and largest transaction occurred between two unidentified wallets only four hours later. A whopping 162.5M XRP valued at $65.1M was moved between the two unknown wallets on November 26, 6:57 (UTC). Though unidentified, the recipient wallet immediately offloaded the 162.5M XRP tokens in a series of 8 successive transfers to Bitstamp and Independent Reserve in 10 minutes, leaving it with a current balance of 100 XRP as of press time.
The next whale transaction followed the previous one less than an hour later. The third transaction involved the two earlier-mentioned Bitstamp wallets from the first movement, as the previous recipient transferred 33.7 XRP ($13.6M) to the multisig Bitstamp wallet on November 26, 7:29 (UTC).
The fourth transaction, which occurred concurrently with the third movement, involved an inflow into Bitstamp, as an unidentified wallet moved 60M XRP valued at $24.2M to a wallet hosted on the Luxembourg-based exchange on November 26, 7:29 (UTC).
Barely a minute later, the 60M XRP ($24.2M) sent to the Bitstamp wallet from the fourth transaction was transferred to another Bitstamp wallet on November 26, 7:30 (UTC) in a fifth transaction. The reason behind this movement remains enigmatic but not uncommon, as The Crypto Basic reported a similar pattern last week.
After four minutes, another whale transaction saw 30M XRP ($12.1M) transferred from an unidentified wallet to a Bitstamp wallet on November 26, 7:34 (UTC), marking the sixth transaction in the series of recently-triggered whale movements. The seventh and most recent transaction involved the movement of 45.9M XRP ($18.6M) in an intra-exchange transfer within Bitstamp on November 26, 7:35 (UTC).
XRP whales appear to be the most active of the bunch, as large transactions such as these are increasingly becoming common on the network regardless of market conditions. The Crypto Basic previously highlighted the movement of 239M XRP in one single transaction by an unknown whale, as 411M+ XRP tokens were cumulatively set in motion.
XRP On a Delicate Position Amid These Whale Transactions
Nevertheless, these recent transactions have occurred at a time when the broader market appears to be recovering from the recent massacre precipitated by the FTX implosion. As the panic wanes, the sell pressure has lessened, providing a foundation for a price reversal.
XRP has not been left out in this recent campaign, as the asset has gained by 7.53% in the past 7 days despite a 2.28% decline in the last 24 hours. Inasmuch as it has successfully conquered the $0.40 zone, its position above the level appears rather delicate as it struggles to hold steady on a fragile support.
Trading at $0.4068 as of press time, XRP’s hope to reclaim the $0.45 milestone is hinged on the sustenance of this current run and updates on Ripple’s lawsuit with the United States SEC especially as it concerns the reply briefs to each other’s Summary Judgement motions on November 30, as recently reported.