At least three major XRP transfers have been spotted on a chain at a time when the digital currency is experiencing a bullish recovery.
As spotted by Whale Alerts, one of the transactions featured 120,000,000 XRP, the largest of in the past 24 hours. The other two transfers which took place within hours of each other include 24,600,000 XRP and 18,000,000 XRP.
Common Trend in XRP Transfers
The biggest transfer featuring 120,000,000 XRP was worth $73,838,616 at the time the transaction was initiated. The funds were moved from a wallet controlled by Ripple Labs to another of its wallets, a trend that is common with the company.
This receiving wallet was activated by Ripple in October and since then, it has welcomed a series of transaction inflows and outflows from different wallets, including the company’s.
The second-largest XRP transfer involves the movement of 24,600,000 XRP worth approximately $15,099,780 came from a Ripple-activated wallet. The fund was moved to a Bitstamp account, suggesting the blockchain payments firm might be making moves to liquidate the digital currency.
The Ripple-affiliated wallet historically moves funds to Bitstamp, Bitso, and other platforms, an indication that it is a well-utilized address by the company.
The third transfer is also a Ripple-affiliated wallet and it involves the movement of 18,000,000 XRP amounting to $10,965,860 or $0.6092 per token. Like the previous transfer, liquidation might be the purpose of this transfer as the funds were moved to a Bitso Exchange wallet.
XRP Price Response
The mega XRP transfer comes at a time when the digital currency is plotting an important revival after about two days of bearish drawdown.
The coin is trading at a market value of $0.6165, up 1.5% in 24 hours. With the market capitalization and trading volume up 1.5% and 18.59% to $33,292,400,049 and $1,345,460,777 respectively.
Per the current outlook, XRP is wriggling out of its bear trap with its weekly losses narrowing down at the moment. From indications, it is obvious the mega Ripple transfers have no noticeable negative impact on the price of XRP.
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