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Popular cryptocurrency XRP recently saw a notable shift of almost 20 million coins, which is equivalent to $50.66 million at current prices. What is remarkable about this large-scale transaction is the route, as XRP was transferred from one of the top crypto exchanges in the U.S., Gemini, to unknown addresses.
Now, this wallet, which was created only last January, holds almost 43.73 million XRP worth about $112 million. Whether this address belongs to Gemini itself or is actually controlled by an unknown major investor remains an open question.
Alex DovbnyaHowever, the perception of such movements is clear, as in the common sense of market participants, large withdrawals from centralized exchanges indicate bullish whale activity. Major investors buy a lot of cryptocurrency on the centralized exchange with enough liquidity and then withdraw it to their own decentralized custody.
Thus, it does not really matter if Gemini just moved XRP between its own wallets. More than 110,000 people saw Whale Alert's message that over $50 million in XRP left the exchange to an unknown address, and that could be enough to create a ripple effect and prompt some traders who do not dig deep to make a decision regarding the token.
XRP price
Speaking of the consequences of the transfer, what is worth paying attention to is the price action of XRP.
Thus, after the large-scale shift happened, the price of XRP momentarily spiked 0.56% over the next nine minutes. Whether this was the exact cause or not is now unexplainable, but if you wish to connect the dots this way, feel free.
Gamza KhanzadaevOverall, since the beginning of today's trading session, XRP is quoted in red, with its price estimated at $2.55.
Dan Burgin
Vladislav Sopov