In the past 24 hours, Ripple has made a series of substantial XRP transfers, totaling 146.92 million tokens. As expected, these movements have sparked speculation within the crypto community.
The transactions involved three distinct transfers, with the first occurring on the 14th of August at 19:48 UTC. A Ripple wallet, identified as “r4w…Rzn,” transferred 26.72 million XRP to the Bitstamp exchange. Shortly after, a second transaction moved 100 million XRP between two Ripple-affiliated wallets. The recipient wallet then transferred 20.9 million XRP back to the original wallet, “r4w…Rzn.”
A third transaction saw the same wallet transfer 20.2 million XRP to the Bitso exchange. These transfers suggest that Ripple is moving XRP to exchanges, with the wallet “r4w…Rzn” playing a central role. Ripple has moved 46.92 million XRP to the Bitstamp and Bitso exchanges, fueling speculation about its intentions and potential market impact.
While these transfers have raised eyebrows, they are not unprecedented. Ripple typically moves millions of XRP following its monthly escrow unlocks. However, the scale and timing of these transactions have sparked renewed interest and speculation.
Whale Alert Detects Another Major Transaction
In a separate transaction detected by Whale Alert, 104.16 million XRP worth approximately $59.02 million was transferred on Sunday, August 11, 2024. This transaction involved unknown wallets and coincided with a brief 3.9% price drop in XRP. Despite the price decrease, XRP’s price had increased by over 20% in the week leading up to the transaction.
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XRP Price and Trading Volume
XRP’s trading volume initially dropped by 16.27% in the past 24 hours, settling at $1,085,839,907 but the trading volume has since reduced to 3.98% settling at $1,118,351,031, as at the time of writing. This decline in volume occurred alongside a dip in XRP’s price, which fell to $0.5584. Over the past week, XRP has recorded an 8.55% price decline.
It is essential to note that large-scale whale transactions like these do not directly impact trading volumes, as they typically involve on-chain movements and not trades on exchanges.
Ripple’s recent XRP transfers have sparked speculation within the crypto community. While these transactions are not uncommon, their scale and timing have raised questions about Ripple’s intentions and potential market impact.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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