Amid the recent market reaction that threatens to pull back the price of XRP, whales continue to be highly interested in the 6th largest cryptocurrency by market capitalization. Following this, XRP became among the top 10 purchased tokens by the 500 biggest BSC whales last week.
Particularly, during the last weekend, XRP whale transactions were on the high side as a whopping 630 million XRP was moved in less than 3 hours as reported by Whale Alert.
This cumulative volume was achieved in just 6 transactions of different volumes with the majority of transactions involving wallets affiliated with the Bitstamp exchange.
According to the whale tracking platform, the first transaction in this series of XRP movements occurred on Sunday at 18:58 UTC. Per the update, 253 million XRP worth approximately $95.7 million at the time of execution was transferred from a certain unknown wallet to another unidentified wallet. Notably, this was the largest XRP transfer in this series of transactions.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 253,000,000 #XRP (95,736,191 USD) transferred from unknown wallet to unknown wallethttps://t.co/VipsqFKPkM
— Whale Alert (@whale_alert) February 26, 2023
Shortly after this transaction, the wallet that received the 253 million XRP immediately relocated 232 million XRP ($87 million) to another unknown wallet. This was the second whale movement of XRP.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 232,000,000 #XRP (87,428,325 USD) transferred from unknown wallet to unknown wallethttps://t.co/M8MqaiIlJ8
— Whale Alert (@whale_alert) February 26, 2023
Furthermore, the platform recorded other smaller XRP token transfers across different wallets. Whale Alert further reported that 45,000,000 XRP valued at $17 million was moved away from an unknown wallet to Bitstamp.
Likewise, it also showed a transfer of 35 million XRP, 33 million XRP, and 30 million XRP from separate unknown wallets to Bistamp.
But despite this notable circulation of XRP by whales, technical analysis indicates that the asset is at risk of dropping to the $0.36 level.
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