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Whale Alert, a cryptocurrency data tracker, has detected large XRP transactions in the last 24 hours. Whale Alert reported two large XRP transactions: one was made by Ripple and the other by an unidentified crypto whale.
Ripple helped shift 60 million XRP; Whale Alert reported 60,000,000 XRP worth $36,643,219 transferred by Ripple to an unknown wallet. In another move, 23,900,000 XRP worth $14,639,212 were transferred from an unknown wallet to Bitstamp.
The destination of the move might indicate the motive of the transfer, although this remains unknown.
Tomiwabold OlajideThe move made by Ripple to an unknown wallet might be selling through an OTC (over-the-counter) transaction, which occurs outside of a crypto exchange. Another option might be fund reshuffling, wherein funds are shifted to another address by the same owner.
The second transaction, which involves a move to the Bitstamp crypto exchange, might still reflect selling, which is one of the reasons why tokens are being shifted to the crypto exchange.
Either way, in these two cases, the real motive for the transfers remains unknown, as earlier stated.
The price of XRP is currently $0.603832, with a 24-hour trading volume of $1,353,695,789. This indicates a 2.99% drop in the last 24 hours and a 4.10% drop in the last seven days. XRP is the fifth largest cryptocurrency, with a circulation supply of 54 billion XRP and a market worth of $32,559,300,126.
Given this, it is obvious that both transactions likely involving sales of XRP were made at a loss. Notably, the entire crypto market is in a downturn following days of rallying that saw XRP reach highs of $0.7 on Dec. 9.
Alex Dovbnya
Vladislav Sopov
Dan Burgin