Whales Move Over 530 Million XRP in Several Transactions: What is Happening?

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Whales Move Over 530 Million XRP in Several Transactions: What is Happening?

More than 530 million XRP tokens have reportedly been moved across several transactions according to recent reports. These activities have sparked concerns among investors and the crypto community.

In a recent development, WhaleAlert – a blockchain tracker platform, revealed that it had spotted several XRP transactions in millions moving across several wallets in the last 24 hours.

Over half a billion XRP tokens moved

According to WhaleAlert, exactly 533,311,836 (533.3 million) XRP tokens were moved across 10 transactions involving anonymous wallets and some notable cryptocurrency exchanges.

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The first transaction recorded carried 25,000,000 (worth $12,888,543) XRP tokens from the Amsterdam-based crypto exchange, Bitvavo to a wallet labeled “unknown.”

The next transaction moved 146,399,852 (worth $75,096,617) between two anonymous wallets. Less than 2 hours later, Bitvavo initiated two transfers, carrying 25 million and 123,112,280 XRP tokens (worth $63,314,30) respectively.

Since last year, Bitvavo has been involved severally in staggering transfers of XRP tokens to several anonymous wallets, raising speculations among the crypto community.

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Remarkably, all three of these transactions involving Bitvavo were transferred to new wallet addresses, which could indicate that three brand-new cryptocurrency whales have surfaced as a result of their acquisition of hundreds of millions of XRP.

Following this, a transaction carrying 121,399,830 XRP tokens (worth $62,433,624) was recorded between two unknown wallets.

Bitstamp and Bitso moves over 50 million XRP tokens

Meanwhile, Bitvavo is not the only centralized cryptocurrency exchange involved in mouth-watering transactions. Popular cryptocurrency exchanges Bitstamp and Bitso were also spotted by the aforementioned tracker.

Notably, 28,200,000 XRP (worth $14,469,021) was transferred from an unknown wallet to the Luxembourg-based Bitstamp exchange. Within the same hour, Bitso received a whopping transfer of 21,800,000 (worth $11,185,280) from an unknown wallet.

According to data from Bithomp – an XRP explorer, both transactions were conducted from the same wallet address connected to the Ripple Labs blockchain company.

It is important to note that Bitstamp and Bitso work closely with the massive fintech company, serving as the foundation for Ripple’s international payment service, which utilizes XRP to make quick and cheap payments to locations throughout the globe, powered by RippleNet.

As details continue to unfold, investors are left with thoughts and speculations about the short-term impact of these transactions on the price of the token.

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.