The XRP market recently witnessed substantial activity as two unidentified large-scale traders moved over 850 million XRP worth about $445 Million from the EU-based crypto exchange, Bitvavo, within two days in two transactions.
Crypto tracking bot, Whale Alert, alerted the community to two monumental transfers involving XRP within the last day. These transfers included staggering amounts of tens and hundreds of millions of XRP. The largest of the two transfers moved an immense sum of 425,118,503 XRP worth $224,906,760 from Bitvavo to a wallet of unknown origin.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 425,118,503 #XRP (224,906,760 USD) transferred from #Bitvavo to unknown wallethttps://t.co/Jv67sXQGAJ
— Whale Alert (@whale_alert) August 27, 2023
A similar movement of XRP, amounting to 425,868,525 tokens, occurred on Friday, August 25th, effectively resulting in the withdrawal of nearly a billion XRP (over 950 million tokens) to various anonymous digital wallets from Bitvavo.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 425,868,525 #XRP (220,143,198 USD) transferred from #Bitvavo to unknown wallethttps://t.co/f2bJvcoRXc
— Whale Alert (@whale_alert) August 25, 2023
Notably, data from the XRP-focused platform Bithomp revealed that both monumental transfers originated from and were associated with addresses linked to Bitvavo. This suggests that these transfers were merely internal redistributions by the exchange, which is expected not to have a significant impact on XRP’s price movement.
Read Also: Binance, Ripple and XRP Whales Jointly Move 364 Million XRP in 24 Hours
Significant XRP Deposit for Likely Future Sale
Whale Alert’s tracking capabilities also detected an impressive influx of 28,400,000 XRP into the prominent exchange Bitstamp. This notable deposit, with a current value of $14,921,752, indicates a potential intention by the depositor to sell these XRP tokens on the open market in the future.
Altogether, a staggering total of 879.3 million XRP tokens have been relocated during the past weekend, accounting for the expansive activity seen in the market.
Although the price briefly declined, the two whopping transactions executed on Bitvavo are not culpable due to the nature of the transactions as revealed by Bithomp. Nevertheless, additional XRP was deposited on Bitstamp, further contributing to the overall fluctuations in the market.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: XRP Whales Have Moved Over 1.6 Billion Coins in the Last 24 Hours
Analyst’s Perspective: XRP as the “New Oil” of Finance
In a recent tweet, renowned XRP analyst Digital Perspectives shared an optimistic outlook on the potential of XRP to revolutionize the financial landscape. Drawing comparisons to the historical significance of oil, the analyst believes that XRP could become the new oil of the financial world, driving growth and reducing friction.
This perspective opens up a discussion on the transformative possibilities of XRP and its potential impact on various sectors. With its decentralized nature and innovative technology, XRP has the potential to bring efficiency, speed, and cost-effectiveness to cross-border payments, remittance services, and other financial transactions.
As the market continues to evolve, it is worth considering the potential implications of XRP as it aims to reshape traditional systems and pave the way for a more streamlined and interconnected global financial ecosystem.
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