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Over 850 million XRP was withdrawn last weekend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
Advertisement
— 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.
Advertisement
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.
Special Offer (SPONSORED)
Binance Free $200 (Exclusive): Use this link to register and receive $200 free trading fee credit (terms).
"3Commas Trading Bot" Special Offer: Use this link to Sign up with 3Commas and get 10% off your first monthly subscription.
Victor Swaezy
Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.