XRP "Whales" Purchase Millions of Tokens During 20% Price Drop
XRP "whales" are buying more tokens when the price is low. Following a severe selloff in the broader cryptocurrency market, where the value of other cryptocurrencies fell precipitously, XRP just bottomed out at $0.438. Within a day, the price of XRP dropped by a tremendous 20% due to this severe selloff.
Data from on-chain transactions shows that some big investors, or "whales," seem unfazed by this precipitous decline. As a result of the recent price drops, these investors are buying more XRP on several exchanges.
Massive XRP Purchase by Whales
A fascinating accumulating tendency among XRP investors is shown by recent data from the whale transaction tracker Whale Alerts. Multiple large XRP transactions to and from different exchanges have been detected by Whale Alerts during the last 48 hours. Moving large quantities of XRP from cryptocurrency exchanges to anonymous, private wallets is the bulk of these transactions.
The most recent massive transaction was the "rhWj9g" private wallet receiving 26.69 million XRP tokens, with a market value of $13.6 million, from the Binance exchange. This move is in line with a larger pattern noticed by Whale Alerts, which shows that 157,000,000 XRP tokens, with a combined value of around $75.16,000,000, have been transferred from cryptocurrency exchanges to individual wallets in the last day. Most of these transfers really started with Binance, which is rather interesting.
Curiously, the data also points to a probable selloff transaction, when a private wallet deposited 31.7 million XRP tokens, worth $15.1 million, into Bitstamp. It seems that not all whales are accumulating, since this action goes against the norm.
Looking at the data from the last 48 hours, it shows that 228.54 million XRP tokens, with a total value of $108.78 million, have been transferred from cryptocurrency exchanges to private wallets, according to Whale Alerts.
