Ripple Whales Trigger Market Buzz with Massive Transfers: XRP Price Slips Amidst Activity
TL;DR
- Whale Activity Surge: Over 200 million XRP tokens moved, indicating increased activity and speculation about XRP market changes.
- Major Transfers: Key transactions include 25.5 million XRP to Bitstamp, 85 million XRP between unknown wallets, and 90 million XRP by Ripple to an undisclosed wallet.
- Market Impact: Ripple’s possible involvement in these transfers and analyst optimism for a potential XRP price breakout.
Why Are Whales Moving XRP This Time?
Despite the XRP’s recent price fluctuations, an uptrend in sizable orders suggests heightened activity within the XRP network. An increase in these large-scale XRP transactions has drawn notice in the crypto space — fueling speculation about potential shifts in the coin’s market dynamics.
Per data from Whale Alert, different whales — one presumed to be Ripple Labs, recently executed notable XRP transactions, raising eyebrows in the crypto community. Here’s a breakdown of the three significant transfers:
- 25.5 million XRP tokens (approximately $15.6 million) moved from an unidentified wallet to the Bitstamp crypto exchange.
- 85 million XRP tokens (around $51.99 million) shifted from an unknown wallet to another undisclosed wallet.
- It seems Ripple itself transferred 90 million XRP tokens (valued at approximately $55.24 million) to an unknown wallet.
200 Million XRP Moved in Less Than 24 Hours
Whale Alert initially reported a total movement of 200 million XRP tokens. Detailed on-chain analysis reveals that an address associated with Ripple Labs initially sent 90 million XRP from Ripple to the wallet address “rJqiMb.” It subsequently transferred 85 million XRP to “rP4X2h.” The purpose and recipients of these transactions remain undisclosed, sparking speculation within the crypto community.
— Whale Alert (@whale_alert) November 20, 2023
In addition to these transfers to unknown wallets, a significant whale moved 25.50 million XRP from the wallet “r4wf7enWPx…5XgwHh4Rzn” to Bitstamp, a cryptocurrency exchange based in Luxembourg.
Both Bitstamp and Bitso are the usual go-to exchanges for whales’ transactions since these exchanges are associated with Ripple. This indicates that most of these transfers are made by Ripple Labs, most likely to finance the battle against the SEC.
Despite ongoing uncertainties, some analysts are bullish on a potential XRP price breakout in the near future. As CryptoPotato reported, the famous trader EGRAG CRYPTO believes XRP could pump 40% if certain conditions are met.
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