Last updated on May 18th, 2024 at 12:23 pm
New data uncovers a huge movement of almost 200 million XRP tokens transferred from the Bitvavo exchange. Amidst the ongoing crypto market slump, whales continue to carry out actions that raise speculations.
In a significant development, WhaleAlert, a crypto-transaction tracker has reported that it spotted a large sum of XRP tokens moved from the Amsterdam-based crypto exchange Bitvavo to another wallet.
Per the report, exactly 196,399,896 XRP was transferred from the popular cryptocurrency exchange to a new wallet labeled “unknown.” The total value of tokens moved in a single transaction equals $101,473,066 ($101.4 million).
🚨 🚨 🚨 🚨 🚨 196,399,896 #XRP (101,473,066 USD) transferred from #Bitvavo to unknown new wallethttps://t.co/Ulfa6kfjk1
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— Whale Alert (@whale_alert) January 24, 2024
The staggering transfer has raised eyebrows in the crypto community and members are left with speculations as to the reason behind the movement.
Though the receiving address was “unknown,” further investigation from XRP Scan and Bithomp revealed an interesting sequence of events. The transfer activated a high-volume recipient address which subsequently initiated a withdrawal to two additional anonymous wallets.
It seems plausible to suggest that these mysterious addresses are probably associated with Bitvavo’s internal storage wallets, based on similarities with other transactions that have been noticed with the exchange.
However, it is quite unknown and left to be discovered if Bitvavo is behind the transfer. Such transactions could either raise concerns among investors or it might boost confidence depending on the situation surrounding it.
Meanwhile, the general crypto community has been experiencing mixed feelings as the crypto fear & greed index currently rests at 48.
Source: Alternative
As a result, the global crypto market cap has experienced a significant drop compared to the beginning of the year. According to data from CoinMarketCap, the value currently stands at $1.55 trillion.
XRP price reaction
Amidst the controversial transaction, the price of XRP has managed to maintain an uptick over the last 24 hours. Data from Coinstats shows that XRP is currently trading at $0.52 representing a 3% increase at the time of writing.
Furthermore, XRP has a 24-hour trading volume of $564,642,740 ($564.6 million) with a live market cap of $28,013,269,150 ($28 billion). Meanwhile, XRP maintains its position as the #6 largest cryptocurrency in the market by market cap.
There are speculations that the price of XRP could rise even further if it can stabilize at this level and the market stays positive.
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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, 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.