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Hundreds of Millions of XRP on Move, 262 Million in Single Lump: Possible Reason

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Thu, 12/01/2023 - 15:59
Hundreds of Millions of XRP on Move, 262 Million in Single Lump: Possible Reason
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Whale Alert crypto tracking service has spread the word that less than four hours ago, an "unknown" wallet transferred a massive amount of XRP worth nearly $100 million.

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Around 16 hours ago, $42.5 million worth of this Ripple-affiliated token was wired. In all, that makes up nearly 400 million XRP.

Meanwhile, XRP's price, though it has not shown any rise in the past 24 hours, has jumped by around 8% over the past seven days, according to CoinMarketCap.

370 million XRP shoveled as whales remain interested in XRP

A heavy chunk of 262,394,861 XRP was transferred between two anonymous addresses, data from XRP explorer Bithomp confirms. As for the earlier transactions mentioned by Whale Alert, those were transfers of whales between such wallets linked to major crypto exchanges, such as Bitso, Bittrex and Bitstamp.

An internal transfer of 41,000,000 XRP was also conducted by Bitso — the largest crypto exchange in the Latin America region and a major ODL partner of Ripple Labs giant.

Now that 2023 has arrived, many people, including Ripple chief executive Garlinghouse, expect the long-lasting Ripple-SEC case to be resolved this year. The interest of whales and smaller holders in sixth largest coin XRP seems to be reviving.

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An example is the recent listing of a new XRP pair by Bitrue exchange. XRP is changing hands at $0.3675 as of this writing.

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