A Significant amount of XRP tokens have once again been transferred to the Bitstamp exchange. The Luxembourg-based cryptocurrency exchange has consistently received staggering amounts of XRP in recent months.
According to a recent report by Whale Alert – a crypto transaction tracking platform, exactly 30,800,000 XRP tokens (translating to $15,198,031) have been spotted moving to the Bitstamp exchange from a wallet tagged as “unknown.”
— Whale Alert (@whale_alert) October 17, 2023
Bitstamp receives multiple XRP transfers
As earlier stated, this will not be the first time that a massive amount of XRP tokens will be transferred to Bitstamp in a single transaction. In fact, just 24 hours ago, a similar transaction of 30,000,000 (30 million) XRP tokens worth $14.9 million was transferred from another anonymous wallet to the Bitstamp exchange.
Additionally, on October 15, the Bitstamp exchange received 30.2 million XRP tokens (worth $14.7 million at the time). On October 6, Whale Alert announced that it had spotted two separate transactions moving 29,300,00 and 26,800,000 XRP tokens respectively to Bitstamp.
Furthermore, on October 9, 11, and 12, Bitstamp received XRP tokens from separate transactions each carrying more than 30 million XRP with a worth ranging from $15 million to $15.2 million.
These series of similar transfers have raised eyebrows in the crypto community with members speculating about the possible reasons for the activities. A substantial amount of crypto transfers like this can have a potential effect on the price of the token.
The reasons behind the transactions can either be attributed to a potential selloff or simply a portfolio diversification. However, whatever the reason, these whale activities can either instill confidence in the crypto project or likely create panic among investors.
Meanwhile, a transaction by XRP’s parent company, Ripple Labs was also spotted on October 16, moving 75,000,000 (75 million) XRP tokens to an unknown wallet.
XRP price reaction
Following this series of humongous transfers, the price of XRP almost remains steady trading below $0.5. According to data from Coinstats – a cryptocurrency tracking tool, the price of XRP today is $0.48 representing a 0.49% reduction in the last 24 hours. What’s more, XRP has a trading volume of $453,118,068.909 ($453 million).
Regarded as one of the most popular cryptocurrencies, XRP is ranked #5 on the global crypto market chart with a live market cap of $26,153,048,934 ($26 billion). Investors are anxiously watching to see further developments and the effect on the price of the token.
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