Cryptocurrency

Millions of XRP Moved by Top Japanese Exchange Amid Price Resurgence

On May 16, 2024, Whale Alert, a cryptocurrency transaction tracking platform, identified a significant transfer of 100 million XRP, valued at approximately $51.89 million at the time, from a wallet associated with leading Japanese exchange Coincheck.

This transaction is part of a series of recent XRP movements involving the same Coincheck wallet. On May 14, the wallet sent 230,000 XRP to Coincheck, followed by a 10 million XRP transfer on May 13. Additionally, a smaller transfer of 80,000 XRP occurred on May 10, and a nominal 0.10 XRP move was observed on May 9.

Read Also: Solana to $1,000 This Bull Cycle? Fibonacci Extension Application Shows a Clear Path

An analysis of the recipient address strengthens the possibility of internal shuffling by Coincheck. Data from the blockchain intelligence platform Bithomp suggests the address was activated by the exchange, indicating a direct connection.

The frequent transfers between this address and Coincheck, coupled with the substantial volume of each transaction, further support the theory of internal cryptocurrency management. Interestingly, the timing of these transfers coincides with a recent uptick in XRP price.

XRP Price Recovery and Whale Accumulation

The XRP market has experienced a period of price volatility in recent months. Despite a slight decline of 0.12% over the past week, XRP gained 3% in the last 24 hours, currently trading around $0.5174. This uptick coincides with a surge in trading activity, with a 24-hour volume exceeding $1 Billion.

In terms of XRP’s performance earlier this year, the token saw a surge in price, rising over 50% from $0.4853 on January 31 to a high of $0.7440 on March 11. However, the rally faced resistance, leading to a price correction. This decline allowed whale investors to accumulate XRP at lower prices.

Read Also: Bitrue Sparks XRP Price Speculation With Bitcoin ETF Approval 

Cryptocurrency analyst Ali Martinez corroborated this trend using data from Santiment, a blockchain analytics platform. His findings reveal that addresses holding between 1 million and 10 million XRP have significantly increased their holdings by 110 million XRP, worth approximately $55 million, within the last two weeks alone.

Also, Santiment indicates that investors holding between 10 million and 100 million XRP have substantially increased their holdings, demonstrating continued confidence in XRP despite the market volatility.


Follow us on Twitter, Facebook, Telegram, and Google News

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.

Recent Posts

BlockDAG Smashes $5M in Miner Sales—Spot Ethereum ETF Options Await Approval While ICP Goes for Breakout!

Recent market developments show the SEC delaying its decision on options trading for BlackRock and…

35 mins ago

BlockDAG’s $1M Giveaway Sparks Surge in Coin Demand With Talks Of 20,000x ROI: Can SHIB & Dogecoin Hit Their Targets This Time?

As the fourth quarter of 2024 unfolds, the crypto community is abuzz with speculation about…

3 hours ago

XRP Ledger Validator: RLUSD Will Not Put XRP at $1000

Recently, a tweet from the XRPL Validator "Vet" has garnered significant attention due to the…

5 hours ago

BNB & Shiba Inu Price Predictions Go High, But BlockDAG is the New Market Favourite – Now with 50% Extra Coins

Shiba Inu investors are optimistic about the recent price forecast, while BNB holders are eyeing…

6 hours ago

Here’s why Analyst Says SHIB Is Set For Over 360% Price Rally

Shiba Inu (SHIB) has gained significant attention from investors following a breakout from a prolonged…

6 hours ago

Connecting Networks, Simplifying Crypto! Streamlining Blockchain Interactions with Qubetics’ WEB3-Aggregated Chain

In the present blockchain sector, users frequently encounter issues such as managing multiple wallets, navigating…

6 hours ago