The volume of large transfers involving XRP has raised an alarm across the community with whales continually moving huge numbers across exchanges and wallets. While investors hope for a price jump to the $1 mark, the steady whale transactions are beginning to cast a shadow of doubt about the future outlook of the coin.
Over the last 24 hours, a staggering 320 million XRP coins were shifted by large investors with onlookers speculating about the possible reasons for these movements. A popular crypto tracker explains how these transactions took place. Let us take a look.
320 Million XRP Transfer in Detail
Whale Alert, a renowned large crypto transaction tracker, reported substantial transactions moving over 320 million XRP coins between wallets and centralized exchanges. According to the report, the mentioned number of coins were moved across three separate transactions by two whales.
The first transaction happened approximately 15 hours ago from the time of writing, accumulating a mouthwatering 262,575,885 XRP (worth $137.2 million) from the California-based crypto exchange, Kraken to a wallet labeled ‘unknown.’
262,575,885 #XRP (137,276,075 USD) transferred from #Kraken to unknown wallethttps://t.co/lX4r84iD63
— Whale Alert (@whale_alert) May 30, 2024
A few hours later, a popular whale, known to have moved a large amount of XRP over the past months returned, this time transferring a total of 58 million to two different exchanges. The first one carried 29,580,000 XRP to the Mexico-based exchange Bitso, and then the second transfer moved 28,610,000 XRP to the Luxembourg-based CEX, Bitstamp.
It is important to note that this whale identified as ‘r4wf7…4Rzn’ has initiated significant transfers of XRP to both Bitstamp and Bitso exchanges since the blockchain giant Ripple Labs partnered with the companies.
Source: Whale Alert
Meanwhile, these aforementioned transactions took place after Ripple’s recent reply to the Securities and Exchange Commission about concealing important remedies-related documents in the ongoing court case with the regulatory watchdog.
XRP Price Goes South
Following the whale activities, the price of XRP nosedived by almost 1.5%, however, the price of the coin has recovered a bit from the fall. According to data from CoinMarketCap, XRP is currently trading at $0.517, representing a 0.09% increase. The coin has traded between the range of $0.5131 – $0.5263 in the last 24 hours.
Also, the trading volume over the last 24 hours had dropped by 1.01% to $1.2 billion, with a live market cap of $28.6 billion. Furthermore, Coinglass data revealed that the derivatives market volume fell by 0.57% to $817.80 million today, after XRP Futures Open Interest dropped by 3.48% to $603.46 million. This demonstrated a decline in investor interest in the asset in the futures market, consistent with the declining value of the token.
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