The bearish state of the crypto market has not deterred whales from moving large amounts of the 7th largest cryptocurrency by market capitalization, XRP.
Whereas these hefty XRP transfers have become a norm, more than 573 million units of the XRP token have been shifted within the past 24 hours. According to Whale Alert, the leading platform that tracks and reports whale activities, 573,603,776 XRP have been moved within the last 24 hours and in 6 transactions.
Notably, these XRP movements involved unknown wallets and several top crypto exchanges like Binance, Bitso, and Bitstamp.
Binance, the largest digital assets marketplace, facilitated the movement of 350 million XRP in one transaction. This transfer, which is the largest XRP transaction in the last 24 hours, involved the movement of XRP, worth about $134.8 million at the time of execution, from a wallet on Binance to an unknown wallet.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 350,000,000 #XRP (134,818,654 USD) transferred from #Binance to unknown wallethttps://t.co/o246HD5BWo
— Whale Alert (@whale_alert) November 16, 2022
Read Also: FTX Japan Reveals Large Amount of XRP Held in its Cold Wallet
On the other hand, the Bitstamp exchange was involved in the movement of over 198 million XRP, according to Whale Alert. In one transfer, 45 million XRP were sent from an unknown wallet to Bitstamp. Similarly, 33,003,776 XRP tokens worth about $12.85 million, flowed out of the exchange to a mysterious whale wallet.
In the other two transactions executed via the Bitstamp network, 60 million XRP flowed into the exchange while 60 million XRP tokens were sent out of the exchange to another wallet.
🚨 🚨 60,000,000 #XRP (23,359,802 USD) transferred from unknown wallet to #Bitstamphttps://t.co/vaG78sdxV0
— Whale Alert (@whale_alert) November 15, 2022
🚨 🚨 60,000,000 #XRP (23,340,666 USD) transferred from #Bitstamp to unknown wallethttps://t.co/PyA6v0grsb
— Whale Alert (@whale_alert) November 15, 2022
Meanwhile, Bitso was only involved in one transaction worth around $9.9 million. Here, 25.6 million XRP were sent from Bitso to an unidentified wallet.
25,600,000 #XRP (9,982,747 USD) transferred from #Bitso to unknown wallethttps://t.co/4WTanusfFy
— Whale Alert (@whale_alert) November 15, 2022
The increasing interest in the XRP Ledger native token, majorly backed by the San Francisco-based crypto solutions company, Ripple, could be attributed to the positive developments surrounding the Ripple-SEC case. Following the false settlement rumor in the XRP lawsuit, spread by Fox Business News, XRP rallied over 12% on Tuesday.
