Over the last 24 hours, crypto whales have been moving XRP from one wallet to another as prices showcase signs of recovery in the market.
According to Whale Alert, the tracker of large transactions of cryptocurrencies from one wallet to another, crypto whales moved a whopping 442,302,161 XRP worth $178 million at current prices in a series of transactions within the past day. This serves as an indication that crypto bag holders are indeed very active with the digital token designed to facilitate cross-border payments.
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Record of the XRP Movements
The first notable transaction spotted by Whale Alert was the movement of 280 million XRP from a wallet of unknown origin to another.
Going by the data from the large crypto transactions tracker, the anonymous whale moved a total of 280,684,171 XRP worth $110 million at the time of the transaction.
Whale Alert tweeted, “280,684,171 XRP (110,017,409 USD) transferred from unknown wallet to unknown wallet.”
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 280,684,171 #XRP (110,017,409 USD) transferred from unknown wallet to unknown wallethttps://t.co/mjE1n8jwyg
— Whale Alert (@whale_alert) November 29, 2022
Although the purpose of the movement of XRP is yet to be known, it can be attributed to Ripple’s On-Demand Liquidity (ODL) service that uses XRP as a bridge asset for cross-border settlement.
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Moreover, Whale Alert spotted and reported the shifting of 30.4 million XRP worth $11.75 million from an anonymous address to another address on the Bitso exchange, a Ripple’s ODL partner.
🚨 30,400,000 #XRP (11,757,561 USD) transferred from #Bitso to unknown wallethttps://t.co/C39G8duizw
— Whale Alert (@whale_alert) November 29, 2022
About an hour later, an unknown whale also sent 29 million XRP to the Bitstamp exchange, another Ripple’s ODL partner.
After this whopping movement, another address transferred 25.6 million XRP to Bitstamp, followed by an unknown user who moved 25 million XRP to Bitstamp a few hours ago.
🚨 29,000,000 #XRP (11,486,838 USD) transferred from unknown wallet to #Bitstamphttps://t.co/WhK1hIPxSw
— Whale Alert (@whale_alert) November 29, 2022
🚨 25,600,000 #XRP (10,018,791 USD) transferred from unknown wallet to #Bitstamphttps://t.co/frjn1s2Mx9
— Whale Alert (@whale_alert) November 29, 2022
🚨 25,000,000 #XRP (10,125,896 USD) transferred from unknown wallet to #Bitstamphttps://t.co/kdQLpbrDjz
— Whale Alert (@whale_alert) November 30, 2022
Some minutes after the massive transactions mentioned above, the owner of the Bitstamp address that received the tokens withdrew 25,817,990 XRP from the exchange to a wallet of unknown origin.
🚨 25,817,990 #XRP (10,457,212 USD) transferred from #Bitstamp to unknown wallethttps://t.co/U3mluYMGTw
— Whale Alert (@whale_alert) November 30, 2022
Additionally, Whale Alert reported another huge transaction of 25.8 million XRP from Bitso to an unknown wallet.
🚨 25,800,000 #XRP (10,541,384 USD) transferred from #Bitso to unknown wallethttps://t.co/84Oyvh6QOV
— Whale Alert (@whale_alert) November 30, 2022
Read Also: Ripple General Counsel Reacts to NY Times Article: SEC Has No Power to Label XRP a Security
XRP Price in the Market
The crypto market is currently showcasing a sign of recovery as Bitcoin (BTC), the largest cryptocurrency by market cap, is now closer to retesting the $17,000 resistance level.
So, as XRP also records gains over the last hours, it’s closely impossible to attribute it to the whopping transfers of the digital asset highlighted above.
At the time of filing this report, XRP is trading at $0.404, with a 3% price upsurge in the last 24 hours, according to CoinMarketCap.
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