Whale Alert, the tracker of large transactions of cryptocurrencies, has just shared an abnormal transaction activity on the Ripple blockchain, involving an anonymous XRP whale.
The report indicates that the unknown person has been transferring a large amount of XRP tokens (around 60 million XRP) between various exchanges.
Read Also: Brad Garlinghouse Says the SEC Aided Ethereum to Overtake XRP as Second-Largest Crypto
According to the transaction tracker, several wallets from different exchanges were involved in the transaction, including relatively small exchanges such as Gopax and Bitso, and the largest crypto exchange by trading volume, Binance.
The transaction initiated by the anonymous crypto whale lasted for about 1 hour. 11 million XRP coins, and the largest transaction was 20 million coins. The purpose of the strange movement remains unknown.
Read Also: Crypto Whale Moved Almost $100 Million Worth Of XRP from Wallet to Exchange
The price of the digital token has not yet reacted to the large transactional volume on the Ripple blockchain. According to the report, currently, the coins remain on smaller exchanges. All transactions were initiated from exchange to exchange wallets, except a transaction of 20 million XRP.
Some users assumed that the multiple transactions are tied to one whale-tier owner who is trying to redistribute his or her assets between various exchanges.
As for the digital asset’s market performance: XRP is still moving in the range formed back on 17th November. The cryptocurrency had multiple tests of the upper border of the rangebound but failed to break out from it.
Read Also: Former U.S. Treasurer Praises XRP, Says Bitcoin, Ethereum, Other Cryptos Are Speculative
Currently, XRP is replicating the recovery trend of the altcoin market. At the time of filing this report, XRP is trading at $1.06, with a relatively 2% price uptrend in the last 24 hours.
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