In a significant development, an unidentified XRP whale has transferred a whopping 425 million XRP tokens from the Bitvavo exchange after accumulating them over a period of four weeks.
Leading whale-tracking platform Whale Alert was the first to bring attention to the transaction, noting in an automated post on X that the whale address moved exactly 425,868,500 XRP from Bitvavo to an unknown address. Intriguingly, the unknown address was activated on the same day the transaction was initiated.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 425,868,525 #XRP (220,143,198 USD) transferred from #Bitvavo to unknown wallethttps://t.co/f2bJvcoRXc
— Whale Alert (@whale_alert) August 25, 2023
Read Also: XRP Whales Have Moved Over 1.6 Billion Coins in the Last 24 Hours
Unveiling Accumulation Patterns
The sending wallet, activated on July 29, displayed a consistent behavioral pattern. For 25 days, it regularly received millions and thousands of XRP from Bitvavo.
This accumulation pattern reflects a common trend seen in the XRP market, particularly amidst the recent price drop. Now, the whale address has relocated all the accumulated tokens to the new recipient address, emptying its balance.
Market participants have speculated that these accumulated tokens might have been moved to non-custodial wallets for long-term holding. It is not uncommon for investors to transfer large balances to cold wallets when they intend to hold them for extended periods. However, reports suggest a different possibility.
The recipient address, also activated by Bitvavo, hints that these movements could be internal actions conducted by the Bitvavo team. All the funds from the sending address originated from the exchange itself, suggesting the possibility of in-house transfers rather than external movements.
Read Also: Over 50 Whales that Joined XRP Network over the Past Month Have Accrued 420 Million XRP
XRP Holds Above $0.5 Amid Accumulation Spree
Despite the uncertainty prevailing in the market, the ongoing accumulation trend among XRP investors cannot be ignored. As of August 20, addresses holding between 10 million and 1 billion XRP collectively amassed a balance of 16.1 billion XRP. These wallets have accumulated over 1.6 billion XRP since late July, amidst the downward movement of XRP’s price.
While this accumulation continues, XRP has managed to maintain a relatively stable position above the $0.50 mark. As of today, August 26, 2023, CoinMarketCap estimates the price of XRP to be $0.5235. It has demonstrated an encouraging 2.39% gain over the past seven days and an impressive 53% increase in value since the beginning of the year. The resilience of XRP amidst these market dynamics underscores the ongoing interest and confidence in the digital asset.
XRP’s ability to hold steady above the $0.50 mark despite market uncertainties speaks to its resilience and investor sentiment. While the recent accumulation trend by XRP holders indicates a belief in the long-term potential of the asset, the relatively stable price showcases a level of support that could contribute to its future growth. As the market continues to evolve, XRP’s performance will remain a focal point for investors and observers alike.
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