Over 900 Million XRP Moved by Whales and Ripple after Silicon Valley Bank Exposure

The collapse of the top crypto-friendly banks, Silicon Valley Bank (SVB) and Silvergate, has sent shockwaves across the entire crypto market.

Amid the loss-inflicting events, nearly a billion XRP tokens were recently shifted by loaded whales. Ripple equally moved millions of XRP despite its exposure to SVB collapse. 

Data from the leading whale tracking platform, Whale Alert showed that a total of 918 million XRP was moved in less than two hours and eight transactions only. 

The largest volume in this latest series of XRP movements was recorded when 278,500,000 XRP valued at $100,876,265 at the time of the transfer was moved between two unknown wallets.

The second-largest XRP whale transaction was spotted when a certain deep-pocketed account transferred a whopping 245,500,000 XRP from one unknown wallet to another unknown wallet. At the time of the transaction, this hefty transaction was valued at 88,923,242 USD.

Ripple, the San Francisco-based cross-border firm also contributed largely to the recent massive movement of XRP. On Sunday, the crypto solutions company shifted 200 million XRP to an unknown wallet. This transaction was worth roughly $72.7 million.

Notably, Ripple previously sent 100 million XRP to the same address on March 6. Recall that the Silicon Valley tech company unlocked 1 billion XRP earlier this month. Its latest funds movements may be part of the released tokens.

Whale Alert further showed that an account affiliated with the Bittrex exchange moved a total of 161 million XRP to several Bitstamp accounts in four consecutive transactions. On one occasion, 51,000,000 XRP valued at $18.6 was transferred to Bitstamp. 

In another transaction, 44,000,000 XRP worth $15.9 flowed into the same exchange from an unknown wallet. More so, the tracking platform reported two instances where 33 million XRP were moved separately to Bitstamp from two unknown wallets.

Meanwhile, the lowest XRP whale movement in this series involved an internal transfer between two Bitso accounts. Here, 31.3 million XRP worth $11.3 million was moved.

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