XRP whales have orchestrated a staggering movement of more than 1.7 billion XRP, equivalent to about $900 million, throughout the month of August. These massive movements predominantly favored Ripple, the major distributor of XRP, and the crypto exchanges Bitvavo and Bitstamp.
A Surge in Trading Volume Accompanies Whale Movements
Over the past 24 hours alone, the trading volume of XRP experienced a remarkable 6.9% growth, as avid traders eagerly bought and sold over $770 million worth of the digital asset. Interestingly, this surge in trading coincided with substantial movements orchestrated by major crypto investors, thereby generating immense curiosity within the crypto space.
Reputable whale activity tracker, Whale Alert, unveiled that a staggering 29.2 million XRP was observed in transit. This transfer occurred within the last 18 hours as the mentioned cryptocurrency found its way from an undisclosed wallet to the exchange Bitstamp. The market value of this XRP haul stands at $15,202,278.
Read Also: $445 Million In XRP Moved from Bitvavo Within Two Days. Here’s the Significance
Notable Whale Movements in August
The recent 29 million XRP transfer follows closely on the heels of two earlier movements that captured industry-wide attention. Market participants witnessed whales orchestrating the transfer of a significant 453,518,503 XRP, shuttling them in and out of two exchanges on Sunday. Cumulatively, these notable transactions point to a total of over $255 million worth of XRP being transported by crypto whales within this week alone.
Over the preceding week, XRP enthusiasts observed whale movements amounting to a substantial 455,168,525 XRP, flowing back and forth between the popular crypto exchanges Bitvavo and Bitstamp.
Throughout the month of August, an astonishing 937,887,028 XRP tokens have migrated to and from undisclosed wallets, making their way to Bitvavo and Bitstamp. Calculating the market value of these tokens reveals a figure akin to half a billion dollars, confirming the sheer magnitude of these whale movements.
Worth noting is Whale Alert’s comprehensive capture of Ripple’s monthly XRP unlock schedule. As reported earlier, a substantial 800 million XRP tokens left Ripple’s wallet, coming from an escrow account. This makes the number of XRP moved this month stand at around 1.7 billion tokens worth about $900 million.
Read Also: Whale Moved 425M XRP from Bitvavo As Price Holds $0.5 Support. Here’s the Destination
Whales Propel Crypto Community Debate
The recent surge of XRP flowing through exchanges has sparked intense debate within the crypto community. Many individuals find themselves pondering the motives behind such significant transfers to undisclosed wallets, with some interpreting it as a possible bearish signal for XRP’s price.
Furthermore, an XRP enthusiast claims to have traced the large transfers occurring on the Bitvavo exchange. This keen commentator argued that these coins have been shuffled back and forth on the exchange multiple times since 2020, further adding to the intrigue surrounding these whale movements.
XRP: A Dominant Force on Exchanges
It is worth highlighting that XRP holds a prominent position as one of the top-traded digital assets on both Bitvavo and Bitstamp exchanges, ranking just behind Bitcoin. These two exchanges command a staggering $26,306,675 of the global XRP trading volume. However, it is crucial to clarify that this figure represents trades solely within these exchanges and does not encompass the aforementioned whale transfer.
In the midst of an eventful month, during which XRP’s regulatory win failed to trigger significant movement, the attention has now shifted towards the massive actions orchestrated by crypto whales.
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