Some significant XRP whale transactions have been recorded in the last 24 hours by a prominent blockchain transaction tracker, carrying over 237 million coins. Meanwhile, this has raised concerns about the intent as investors begin to lose confidence in the future of the coin.
Amid the global crypto market correction, large investors are busy shifting substantial amounts of XRP to and from centralized exchanges. Consequently, the possibility of XRP achieving the $1 milestone has been thrown into question as the effect of these transactions is yet to be seen. Let us look at the recent transfers in detail and explore the XRP price trajectory to see how it has reacted in the last 24 hours.
XRP Whales Shifts More than $102 Million XRP
Whale Alert, a popular blockchain insight platform called the attention of the public to three large XRP transfers that happened in the last 24 hours. According to data provided by the platform, more than $102 million in XRP was moved within the recorded time. The first transaction carried exactly 35,350,000 XRP, valued at $15.19 million, to the Luxembourg-based crypto exchange, Bitstamp.
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Source: Whale Alert
Upon further check, it was revealed that the entity behind this transfer was the renowned whale with the wallet address ‘r4wf…4Rzn’ that has been responsible for shifting hundreds of millions of XRP to Bitstamp and Bitso exchanges in the past months. This whale has been often linked to the issuing blockchain company, Ripple, but this has not yet been confirmed.
The second transaction was initiated approximately 12 hours ago from the time of writing, by Ripple to a wallet labeled ‘unknown.’ The blockchain giant shifted 150 million XRP coins, worth $64.2 million, to this new address and has sparked discussions across the community. This is particularly because Ripple is the largest holder of the XRP coins and any major dump could potentially harm the value of the coin.
The last transaction was perceived as an accumulation rather than a dump. The entity moved exactly 52,103,936 XRP coins from the largest crypto exchange by market cap, Binance, to an anonymous wallet.
XRP Price Movement Today
Meanwhile, the price of XRP has suffered from these huge transactions. According to fresh data from Coinstats, XRP has dropped by 1.36% in the last 24 hours to trade at $0.4315. Additionally, its trading volume over the last day has dropped by 9.17% to $1.2 billion.
Source: Coinstats
Also, XRP has traded between the lows and highs of $0.4225 and $0.438, representing a significant decline of 87.3% from its record all-time high of $3.40 reached six years ago in January 2018. In the same pattern, the Open Interest (OI) for XRP has dropped by more than 2% to $447.30 million accompanied by a decline in derivative volume to $1.16 billion, showing a 16% drop.
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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.