XRP Whales enters the weekend on a high note as several substantial transactions have been recorded in the last 24 hours. These large transactions have caught the attention of investors and market participants.
According to a recent report, over 226 million XRP coins have been transferred in volume within the past day. Interestingly, more than half of the amount was moved by the blockchain company Ripple from its reserve, raising speculations about the future price movement of the coin. Let us look at these transactions in detail.
Over $115.2 Million in XRP Transferred
A recent report from Whale Alert, a prominent crypto large transaction tracker, points to several huge transactions carrying XRP between wallets and crypto exchanges over the last day. Per the data provided, Ripple, the issuing company and the largest XRP holder globally, shifted 150 million coins from its reserve to a wallet labeled ‘unknown.’
At the time, the transaction was valued at $78.2 million. This movement follows its previous transfer of 3 billion XRP (valued at $1.5 billion) through eight transactions on June 4.
150,000,000 #XRP (78,209,179 USD) transferred from #Ripple to unknown wallethttps://t.co/lPfylIvDdm
— Whale Alert (@whale_alert) June 7, 2024
Meanwhile, Ripple is not the only entity to have shifted a significant amount of XRP within the last day. Whale Alert also reported that approximately 10 hours ago from the time of writing, two transfers were initiated from the exchange giant Binance to unidentified wallets. The first one moved exactly 26,284,136 XRP (worth $13.7 million), and the second one carried 25,419,259 XRP (worth $13.3 million).
Shortly after, another large investor sent 25.2 million XRP coins (approximately $13.2 million) from the same Binance exchange to another anonymous wallet. Collectively, the total value of XRP transferred by these entities is equal to $115.2 million.
25,212,264 #XRP (13,272,387 USD) transferred from #Binance to unknown wallethttps://t.co/PrdvtERllO
— Whale Alert (@whale_alert) June 7, 2024
XRP Price Declines Amid Large Transactions
According to data provided by CoinMarketCap, XRP has declined notably in the last 24 hours. At press time, XRP is changing hands at $0.48 representing a 7.96% drop. However, the trading volume within the recorded time has surged by 50.90% to $1.7 billion, representing heightened activities surrounding the coin.
What is more, XRP has traded between the lows and highs of $0.4849 and $0.5281 in the last 24 hours which is still about 84.9% below its all-time high of $3.40 reached on January 7, 2018. Ultimately, the price of XRP has dropped by 14.8% over the last 30 days. The sharp decline in XRP value has raised concern about the stability of the project and its future outlook.
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