- Whales transfer 452M XRP to top exchanges, sparking sell-off speculations.
- XRP price up 5%, recovers to $0.5165 amidst massive transfers.
- Ripple moves 100M XRP, coinciding with large exchange inflows
Recent on-chain activity has revealed significant XRP transfers totaling 452,869,591 XRP to major exchanges Bitvavo, Bithumb, and Bitstamp, stirring reactions within the cryptocurrency community. This notable movement comes amidst a recovery in XRP’s price, which has climbed more than 5% in the past day, with its value currently at approximately $0.5165. These transfers raise questions about potential market effects, as large-scale movements of cryptocurrencies to exchanges often precede selling pressure.
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Details of the XRP Transfers
The sequence of transfers began with Bitstamp receiving 22 million XRP from an anonymous wallet. Shortly thereafter, a substantial transfer of 390,869,591 XRP was made to Bithumb, followed by two transactions totaling 40 million XRP to Bitvavo.
The combined value of these transactions exceeds $232 million, according to the latest prices. While Bithump’s transaction appears to be an internal movement, the origins of the funds sent to Bitstamp and Bitvavo remain unidentified, leading to speculation regarding the intention behind these transfers.
The large inflow of XRP to these exchanges has not gone unnoticed. Daniel, a user within the XRP community, expressed concerns that this could be a precursor to a significant market sell-off. Such sentiments are common when whales, or large holders of a cryptocurrency, transfer substantial amounts to exchanges, potentially to liquidate positions. These actions can have short-term impacts on the market, influencing other traders’ sentiments and strategic decisions.
Ripple’s Recent Activities
Amidst these movements, Ripple Labs has also been active, transferring 100 million XRP to an unidentified wallet. This action coincides with the large transfers to the exchanges and contributes to the speculative atmosphere surrounding XRP’s short-term movements. Ripple’s transfers are often closely watched by the market due to the company’s significant role in the XRP ecosystem and ongoing legal considerations with regulatory bodies.
Concurrently, Bill Morgan, an Australian attorney with insights into cryptocurrency trends, has pointed out XRP’s underperformance compared to major cryptocurrencies such as Bitcoin and Ethereum. Over various timeframes, XRP has shown a decline in its comparative value, particularly against Bitcoin. This trend underscores the challenges XRP faces in gaining momentum despite regulatory clarity in its favour from a recent court ruling.
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