Large investors, commonly known as whales, have shifted a huge amount of XRP across centralized exchanges and wallets, up to the tune of $137.4 million over the last 24 hours. This large movement has sparked interest among investors and market participants with discussions rising about the possible intent behind them.
While the price of XRP has been consolidating in the past weeks, whales continue to transfer staggering amounts triggering speculations about the potential impact on the future price of the coin.
218 Million XRP on the Move: Details
WhaleAlert, a popular large crypto transaction tracker, first reported the whale movements earlier today. According to the data provided, more than 218 million XRP tokens were moved between top cryptocurrency exchanges and crypto wallets.
About 50.2 million XRP were shifted from Binance, the largest cryptocurrency by trade volume, in two separate transactions. The first one carried exactly 25,371,334 (valued at $13.3 million) to an ‘unknown’ crypto wallet, and the second one transferred 24,887,349 (worth $13 million) to another unidentified wallet.
Source: WhaleAlert/X
Three consecutive transfers were recorded carrying a similar amount of 39,564,579 (39.5 million), 39,635,128 (39.6 million), and 39,401,162 (39.4 million) from wallets labeled ‘unknown’ to the U.S.-based crypto exchange Coinbase. The total value of these three transactions equals $62.3 million.
Notably, the renowned whale with the wallet address r4wf7…4Rzn also participated in these transaction frenzies. The whale moved a total of 49.2 million XRP in two separate transactions. The first one was 21,080,000 (21 million) XRP to the Bitso exchange, and the second one carried 28,145,000 (28.1 million) XRP to the Bitstamp exchange. Cumulatively the whale shifted about $49.1 million worth of XRP between these exchanges. In total, all the whale transactions recorded by Whale Alert in the last 24 hours equals $137.4 million.
XRP Price Movement
Meanwhile, the significant whale movement looks to have impacted the price of the coin. According to data from CoinMarketCap, XRP is currently changing hands at $0.524, signifying a 1.18% in the last 24 hours. Additionally, its trading volume over the last day has dropped by 11.7% to $1.13 billion with a live market cap of $29 billion.
Source: CoinMarketCap
XRP has traded between the range of $0.5224 and $0.531in the last 24 hours which is about 84.6% below its all-time high of $3.4 reached on January 7 2018. According to Coinglass statistics, XRP’s futures open interest (OI) has been steadily rising over the past several days, closing at $666.79 million. Still, the volume of derivatives fell 19.76% to $657.42 million. This has consequently given rise to conflicting opinions on XRP’s prospects in the larger cryptocurrency market.
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