XRP whales have moved over 1.7 billion XRP worth $899 million in August, most of which went to Bitvavo and Bitstamp exchanges.
In the last 24 hours, XRP’s trading volume grew 6.89% after traders bought and sold over $770 million XRP. This growth in trading volume coincided with the significant movements of the digital asset by major crypto investors.
Specifically, Whale Alert, a well-known tracker of whale activities, revealed that over 29 million XRP are on the move. Whale Alert informed the crypto community that 29,200,000 XRP left an unknown wallet to a prominent exchange in the last 12 hours. Per the update, the exchange was Bitstamp. The moved coins hold a market value of $15,202,278.
? 29,200,000 #XRP (15,202,278 USD) transferred from unknown wallet to #Bitstamphttps://t.co/fznV3OKVTp
— Whale Alert (@whale_alert) August 28, 2023
XRP Whale Movement for August
Notably, this 29 million XRP transfer comes within two days after two whales moved a more significant amount of XRP. In particular, Whale Alert reported that market participants transferred 453,518,503 XRP in and out of two exchanges on Sunday.
These figures imply crypto whales have already moved over $255 million worth of XRP this week. Over the previous week, these XRP investors transferred 455,168,525 XRP to and fro crypto exchanges Bitvavo and Bitstamp.
Throughout this month, 937,887,028 XRP have been moved in and out of unknown wallets to Bitvavo and Bitstamp. These tokens have a market value of nearly half a billion dollars.
Meanwhile, it is worth noting that Whale Alert also captured Ripple’s monthly XRP unlock schedule. Per the report from The Crypto Basic on the first of August, 800 million XRP tokens left Ripple’s wallet in an escrow account.
Cumulatively, XRP whales have transferred over 1,737,887,028 XRP tokens worth $899,530,325 his month. Interestingly, Whale Alert reported no significant XRP movement in July despite the XRP regulatory win.
The recent trend of XRP through exchanges got the crypto community’s attention. Many people pondered the motive behind moving XRP to unknown wallets. Some see it as a bearish signal for the XRP’s price.
Meanwhile, an XRP enthusiast claims to have traced the large transfers on the Bitvavo exchange. The commenter argued the coins have been moved back and forth the exchange many times since 2020.
Notably, XRP is one of the top traded digital assets on Bitvavo and Bitstamp exchanges after Bitcoin. Both exchanges command $26,306,675 of the global XRP trading volume. However, it bears mentioning that this figure represents trades within these exchanges and not the aforementioned whale transfers.
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.
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