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HomeCrypto NewsMarketWhale Moves 425,868,525 XRP From Exchange After Weeks of Accumulation

Whale Moves 425,868,525 XRP From Exchange After Weeks of Accumulation


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A new XRP whale just moved a whopping 425.8 million XRP tokens from the Bitvavo exchange after accumulating them for four weeks.

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XRP whales continue to amass more tokens despite the market uncertainty plaguing the asset. Amid this accumulation trend, a new unidentified address moved over 425 million XRP from Bitvavo after weeks of augmenting their holding.

Whale Alert, a prominent whale-tracking platform, first called attention to the development in an automated post on X. 

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Notably, the whale address transferred exactly 425,868,500 (425.8 million) XRP from Amsterdam-based exchange Bitvavo to a new unknown address yesterday at 15:12 (UTC). Interestingly, the unknown address was activated on the same day of the transaction.

The sending wallet is also a reasonably new address, with an activation date of July 29. Since its activation, this wallet has exhibited a specific behavioral pattern. Notably, it received millions and thousands of XRP from Bitvavo for 25 days.

This behavior suggests an accumulation pattern – a trend dominant within the XRP market amid the price drop. The whale address has now moved all the accumulated tokens to the new recipient address, leaving it with an empty balance.

Market participants have speculated that this could be a pattern of accumulated tokens sent to non-custodial wallets for long-term HODLing. Investors move their large balances to cold wallets when they seek to hold them for long periods.

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However, an investigation by The Crypto Basic suggests that the recipient address might not be an external address. 

The address was also activated by Bitvavo. In addition, all the funds moved from the sending address came from the exchange. This could indicate that these are in-house movements from the Bitvavo team.

XRP Accumulation Trend

Nonetheless, the recent accumulation campaign observed among XRP investors is undeniable. The Crypto Basic drew the public’s attention to this trend in a previous report, citing Santiment data.

Per the report, addresses holding between 10 million and 1 billion XRP increased their collective balance to 16.1 billion XRP as of August 20. These wallets had cumulatively amassed over 1.6 billion XRP since late July amid the XRP downturn.

Meanwhile, XRP has held steady above the $0.50 territory, trading for $0.5188 as of press time. The asset is witnessing an encouraging 2.39% gain over the past seven days, with a 53% increase this year.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



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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