Last updated on May 18th, 2024 at 12:26 pm
Over the weekend, a staggering amount of XRP withdrawal, almost totaling 1 billion was reportedly made from a popular European crypto exchange. According to an update posted on X (formerly Twitter) by WhaleAlert, two unknown whales withdrew over 850 million XRP tokens from Bitvavo in two transfers.
Per the blockchain analytic platform report, the first transaction was carried out on Friday, August 25, and the second one was moved on Sunday, August 27. Meanwhile, another whale is reportedly selling $30 million XRP on another EU-based crypto exchange.
Over 850 million XRP was withdrawn last weekend
Earlier today, WhaleAlert notified the public that it had spotted two huge XRP transfers over the weekend that carried similar amounts of over 400 million XRP each. The transfer with the largest chunk moved about 425,118,503 XRP ($224,906,760) from Bitvavo to an anonymous wallet.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 425,118,503 #XRP (224,906,760 USD) transferred from #Bitvavo to unknown wallethttps://t.co/Jv67sXQGAJ
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— Whale Alert (@whale_alert) August 27, 2023
Related Reading: Vitalik Buterin Moves 3000 ETH to Another Address: Details
Similarly, the second transfer moved 425,868,525 XRP tokens ($220,143,198) on Friday from Bitvavo to another unknown wallet. Additionally, the two transactions put together totaling almost a billion XRP that were moved from Bitvavo to unknown wallets.
However, data provided by Bithomp – an XRP-focused site, shows that both of these enormous XRP lumps were transferred to addresses connected to the Bitvavo exchange, making it clear that Bitvavo was just transferring its XRP holdings across internal wallets.
Almost 30 million XRP transferred to exchange for probable sale
In the meantime, WhaleAlert also reported a significant XRP transfer of close to 30 million to a cryptocurrency exchange with a possible intention of selling. Precisely 28,400,000 XRP ($14,921,752) was sent to the major crypto exchange Bitstamp.
Source: CoinMarketCap
Overall, the price of XRP might seem to have been impacted by the significant transactions. According to live data from CoinMarketCap, the price of XRP today is $0.52, recording a price slump of 1.17% in the last 24 hours. Furthermore, XRP has a 24-hour trading volume of $807,235,457 ($807 million) with a live market cap of $27,566,506,697 ($27 billion). Finally, XRP is among the top cryptocurrencies in the market and is ranked #5 on the global crypto market chart.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.