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HomeCryptocurrencyCrypto Whales Moved 442 Million XRP As Price Rebounds. Here’s the Destination

Crypto Whales Moved 442 Million XRP As Price Rebounds. Here’s the Destination

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.

Read Also: John Deaton Blasts Lark Davis For Attempting to Demean XRP Value Proposition

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.”

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.

Read Also: Kraken Exchange Releases Update On Spark (FLR) Airdrop to Eligible XRP Holders

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.

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.

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.

Additionally, Whale Alert reported another huge transaction of 25.8 million XRP from Bitso to an unknown wallet.

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.

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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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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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