The crypto market has continued its downward trend triggered by the conflict between Iran and Israel. Altcoins, including XRP, were heavily affected by this market downturn. At the time of press, XRP is trading at $04974, down relatively 4% in the last 24 hours and 18% in the last seven days.
Whale Activity Fuels Speculation
Data from Whale Alert reveals massive XRP transfers to major centralized exchanges. Within the past day, Bitvavo, Bithumb, and Bitstamp received 452,869,591 XRP. These transfers, originating from unidentified wallets, hold an estimated value exceeding $232 million.
Read Also: Crypto Whale Moved Almost $100 Million Worth Of XRP from Wallet to Exchange
The largest single transaction involved a staggering 390,869,591 XRP (approximately $201 million) sent to Bithumb. According to Bithump Explorer, this appears to be an internal movement within the South Korean exchange. Earlier in the day, Bitvavo received a total of 40 million XRP ($20.6 million) in two separate transactions. Bitstamp was the first of the three to receive an inflow, with 22 million XRP ($10.8 million) arriving yesterday.
While the transfer to Bithumb suggests internal adjustments, the sources of XRP sent to Bitstamp and Bitvavo remain a mystery. These substantial transfers to exchanges have sparked mixed reactions within the crypto community. Some observers speculate about a potential large-scale sell-off in the near future.
The timing of these movements has raised eyebrows within the XRP community as historically, large transfers of XRP to exchanges have often preceded significant price fluctuations. Whether these latest transactions signal an impending sell-off or have an alternate explanation remains to be seen.
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Read Also: Almost Half a Billion XRP worth $336 Million Moved by Ripple, Whales and ODL Platforms
Ripple’s Influence
This heightened whale activity comes on the heels of Ripple moving 100 million XRP to an unknown wallet, a transaction that also raised concerns about an impending sale. Whether the recent exchange inflows are connected to Ripple’s transfer or indicate separate motivations is not yet clear.
Market sentiment towards XRP is very sensitive, and both Ripple’s actions and those of large-scale holders heavily influence investor confidence. It’s worth noting that XRP remains locked in a legal battle with the SEC, and any favorable developments on that front could turn things around for the embattled digital asset.
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