Almost Billion XRP Withdrawn from Crypto Exchange in Past Two Days, Price Drops 2.34%

While XRP is trading at a discount, two unknown whales have withdrawn more than 850 million XRP in merely two transfers from EU-based crypto exchange Bitvavo, per recent tweets published by Whale Alert.

The first XRP chunk was moved on Friday, the second one earlier today. Besides, someone is selling nearly 30 million XRP on another major exchange based in the EU.

In the meantime, XRP continues to trade sideways; however, over the past 24 hours, the price slumped a little, losing approximately 2.34% of its value.

850 million XRP on the move, here's what's driven it

Crypto tracking bot Whale Alert has spread the word that over the past 24 hours, it has spotted two massive XRP transfers, which carried tens and hundreds of millions of XRP tokens.

The bigger one transferred a total of 425,118,503 XRP, moving this tremendous lump of crypto from the Bitvavo exchange to an unknown wallet.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 425,118,503 #XRP (224,906,760 USD) transferred from #Bitvavo to unknown wallethttps://t.co/Jv67sXQGAJ

— Whale Alert (@whale_alert) August 27, 2023

This is the equivalent of $224,906,760 USD. A similar amount of XRP — 425,868,525 coins — was transferred from Bitvavo on Friday, Aug. 25, making it almost a whopping billion XRP (more than 950 million tokens) that was withdrawn to anonymous digital wallets from that crypto exchange.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 425,868,525 #XRP (220,143,198 USD) transferred from #Bitvavo to unknown wallethttps://t.co/f2bJvcoRXc

— Whale Alert (@whale_alert) August 25, 2023

However, according to data shared by XRP-focused platform Bithomp, both these staggering XRP lumps were moved to addresses associated with the Bitvavo exchange, making these transfers nothing but Bitvavo redistributing its XRP bags among internal wallets.

Close to 30 million moved to be sold

The aforementioned crypto tracker also detected a hefty amount of XRP deposited to a crypto exchange with an intention that seems to be a future sale — a total of 28,400,000 XRP was moved to major exchange Bitstamp. This amount of Ripple-affiliated crypto is worth $14,921,752.

Thus, 879.3 million XRP coins have been on the move overall over the past weekend.