According to the Whale Alert, the tracker of large transactions of cryptocurrencies from wallet to exchanges, an anonymous whale has moved almost $100 million worth of XRP to centralized exchange Bithumb. The fate of the transacted coins cannot be ascertained.
The market has not yet reacted to the massive transaction which could, compared to the average daily volume, impact the price of the coin drastically. The current tracked volume is staying at 167 million XRP on Binance.
Whale Alert tweeted, “88,000,000 XRP (92,677,936 USD) transferred from unknown wallet to Bithumb.”
— Whale Alert (@whale_alert) November 19, 2021
The sell order with 88 million XRP volume could change the shape of the market in seconds by representing approximately 50% of the total daily volume.
XRP in the Market
In the last 10 days, XRP lost relatively 19% of its value compared to the local top reached on 9th November. But at the same time, the cryptocurrency has been experiencing an upside trend since the end of September and reached new higher lows for 58 days.
At press time, XRP’s price trades around $1.09 with 4.67% daily growth while losing more than 8.6% since yesterday’s top.
The global correction on the cryptocurrency market hit both Bitcoin and altcoins. Crypto experts are of the opinion that the main reason for the correction is purely technical due to the market being highly overleveraged and overbought in the mid-term period.