Over 85 Million XRP Moved To and From CEXs Amid Price Drop, What is Happening?

HomeMarket News

Over 85 Million XRP Moved To and From CEXs Amid Price Drop, What is Happening?

XRP, the fifth-largest cryptocurrency by market cap, has made headlines again this week after a substantial amount of the coins, up to the tune of 85 million were reportedly shifted between centralized cryptocurrency exchanges. Interestingly, this comes amid a significant decline in the price of the asset today, June 24. Consequently, this has raised concerns about the XRP future price projection, as investors continue to hope for a rally above the $0.5 mark. The global crypto market is currently experiencing a downtrend, with the majority of the coins trading in the red zone according to the crypto heat map.

Read Also: XRP Community Outraged Over SEC’s Favoritism Towards Ethereum

Whales Move Over 85 Million XRP Across CEXs

According to recent data shared by WhaleAlert, a popular crypto large transaction tracker, three significant XRP transactions were spotted over the last 24 hours. Each of these transactions carried at least 26 million coins. Per the data, the first transaction happened approximately 18 hours ago from the time of writing, shifting exactly 30,820,000 (30.8 million) XRP coins from a wallet labeled “unknown” to the Luxebourg-based crypto exchange, Bitstamp.

The value of this transfer was approximately $14.9 million. However, upon further check, it was revealed that the entity behind this transaction was the renowned wallet ‘r4wf74Rzn’ known to move millions of XRP to Bitstamp and Bitso exchanges.

Advertisement

thegreensafe large horizontal banner

XRP whale transfer

Source: WhaleAlert

Over the past months, this whale has transferred staggering amounts of XRP to and from the aforementioned exchanges. While many speculate that the whale is associated with the issuing company Ripple, others say that it might be a large investor selling off his holdings.

Following this, another transaction carrying 26,234,427 XRP (worth $12.4 million) from Binance, the world’s largest cryptocurrency exchange by trade volume, to an unidentified wallet was spotted. Shortly after, the same whale moved another 28,218,783 XRP (valued at $13.5 million) to another anonymous wallet.

Importantly, when cryptocurrencies of such amounts are moved to a crypto exchange, it is generally seen as a sell-off, however, when they are transferred from a crypto exchange to a wallet, it is often interpreted as accumulations, signaling confidence in the future outlook of the project. While the reasons behind the transfer are unknown, it is sure to have caught the interest of market participants.

XRP Price Declines Amid Whale Movements

Meanwhile, the price of XRP has exhibited consolidation over the last month, trading within a certain range. According to data from Coinstats, the XRP is currently trading at $0.481, signifying a 0.69% drop in the last 24 hours. While the price of the asset is taking a nosedive, the trading volume over the last day has surged significantly. Per the data, XRP’s 24-hour trading volume has skyrocketed by 178.74% to $1.09 billion.

Over 85 Million XRP Moved To and From CEXs Amid Price Drop, What is Happening?

Source: Coinstats

Additionally, XRP has been trading between the lows and highs of $0.4682 and $0.4842 in the last 24 hours, and between $0.4702 and $0.5174 in the last 30 days. This price represents an 85.9% decrease from its all-time high of $3.40 attained on January 7, 2018. Lastly, the derivatives volume increased by 364.09% to $1 billion, and XRP’s futures open interest (OI) surged by 3.26% to $575.95 million.

Read Also: Ripple Launches RLUSD on Ethereum and XRPL Amid Regulatory Watch

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 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.