Last updated on May 18th, 2024 at 12:22 pm
A huge sum of XRP tokens almost totaling 100 million, has reportedly been moved across several centralized exchanges (CEXs) ahead of a big reveal by a former Ripple executive.
The 6th largest cryptocurrency in the market by trade volume has gained traction following significant transactions by unknown whales.
In a recent development, XRP has echoed a sense of frenzy when lump sizes of the token were shifted across wallets earlier today. According to data from WhaleAlert, a large blockchain transaction tracker, almost 100 million XRP tokens changed hands across three notable transactions.
These enormous transactions have piqued the interest of the crypto community and speculations have begun to rise about the intentions behind such moves. Meanwhile, the price of the token is seen to have reacted by jumping by a significant amount over the last 24 hours.
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Besides the transactions, another reason for the spike can be attributed to the former Ripple executive Sean Mcbride’s announcement of upcoming significant news for XRP.
Another reason for the jump can be tied to Ripple’s strategic legal movements in the case against the United States Securities and Exchange Commission.
WhaleAlert tracks almost 100 million XRP shifting hands
According to data presented by the aforementioned tracker, three whales participated in these transactions cumulatively shifting 91.3 million XRP tokens gaining the attention of crypto enthusiasts worldwide.
At the time of the transactions, the total value of the XRP tokens stood at $46.35 million. Bitstamp and Bitso exchanges received 28.9 million tokens and 22.4 million XRP tokens respectively.
While the Singapore-based crypto exchange, Bybit sent a lump sum of 40 million XRP tokens to an anonymous wallet. Per WhaleAlert data, the sending wallet to Bitstamp and Bitso was labeled …Rzn, while the recipient from Bybit is labeled …FRkJN.
Interestingly, the price of XRP seems to be rising despite the whales’ large transfers. The options data for the coin backed by Ripple also matched the price increase.
XRP price movements
According to data from Coinstats, the price of XRP today is $0.51, representing a 2.51% increase in the last 24 hours. What is more, the tokens’ 24-hour trading volume and market cap also jumped significantly by 2.03% and 18.87%, reaching $615.6 million and $27.9 billion respectively.
Furthermore, data from Coinglass shows an upswing of 3.68% in XRP open interest, underscoring today’s price jump.
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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.