As XRP price recovers from the weekend’s dip, on-chain data shows multiple movements of XRP tokens to exchanges within the last few hours, sparking bearish concerns.
Over the weekend, XRP revisited the $0.43 range following a 21% price collapse influenced by Bitcoin. However, within the past day, the asset has engineered a notable comeback, reclaiming the $0.5 range. In particular, XRP is up by over 5.3%, with its price currently at $0.5165.
Amid this recovery, Whale Alert has indexed XRP transfers worth millions of dollars from multiple unknown wallets to three top centralized exchanges: Bitvavo, Bithumb, and Bitstamp. These transactions occurred within the last 24 hours.
Exchanges Receive 452M XRP
The earliest transaction occurred through Bitstamp. At 06:47:31 PM UTC yesterday, the exchange took a store of 22 million XRP, valued at over $10.8 million, from an anonymous wallet.
However, a more staggering movement of XRP, worth over $200 million, surfaced within the last three hours. In particular, the prominent Korean exchange Bithumb received 390,869,591 XRP worth $201,100,740 from an unknown wallet.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 390,869,591 #XRP (201,100,740 USD) transferred from unknown wallet to #Bithumbhttps://t.co/IMNZBQEP6D
— Whale Alert (@whale_alert) April 15, 2024
Within an hour of the significant Bithumb transfer, Bitvavo exchange’s public wallet received 40 million XRP in two transactions from unknown wallets, totaling over $20.6 million. Cumulatively, within the last 24 hours, these three exchanges have received 452,869,591 XRP from exchanges. The transactions hold a monetary weight of $232,603,38.
These recent massive movements have sparked mixed reactions from crypto community members. Moreover, the timing has added to the speculation. Considering the weight, X user Daniel speculated that XRP could soon be witnessing a big dump.
The Unknown Whales
Meanwhile, further scrutiny of XRP Explorer Bithomp provided little hints regarding the entities behind the XRP transactions.
As for the over 390 million XRP transfer to Bithumb, the explorer noted the source wallet belongs to Bithumb, indicating an internal exchange movement. Meanwhile, for Bitstamp and Bitvavo, the source of the XRP inflow remains unknown.
Overall, these inflows to exchange closely follow Ripple’s decision to move out 100 million XRP to an unidentified wallet, sparking sell-off concerns.
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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