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XRP and Bitcoin (BTC) Witness Jaw-Dropping Whale Transfer Activity

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Fri, 24/11/2023 - 9:55
XRP and Bitcoin (BTC) Witness Jaw-Dropping Whale Transfer Activity
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The XRP and Bitcoin (BTC) whales are notably on a rampage today as many mega token transfers have been recorded in the past 24 hours. Data from Whale Alert shows that Bitcoin whales moved over $55 million worth of BTC in one single transaction, with as much as $31 million worth of XRP moved.

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Specifically, one Bitcoin whale transferred a total of 1,500 BTC ($55,911,311) from a Bitfinex-linked account to another wallet on the exchange. Besides this particular transaction, the crypto market was spooked yesterday when a Bitcoin trader paid over $3 million in fees for a single transaction. 

As reported by U.Today, the whale intended to send 139.42495946 BTC worth $5.23 million but ended up getting just 55.76998378 BTC valued at $2,065,213.25. 

Whale Alert's insights pointed out two distinct XRP transactions. The first involves the transfer of 25,200,000 XRP worth $15,665,402, and the other includes the movement of 25,000,000 XRP worth $15,553,036. Both transactions saw the movement of the funds to trading platforms Bitstamp and Bitso respectively, suggesting some sell-off of the assets is possible.

Implications of these transfers on the XRP and Bitcoin (BTC) brands

Massive whale transfers in the crypto ecosystem, particularly those linked to Bitcoin and XRP, are not uncommon. The general sentiment associated with these transfers is that the initiators are liquidating their funds and, thus, tilting the market balance in favor of the bears.

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For this particular transaction, the amount involved is small in relation to the actual liquidity both cryptocurrencies boast of and, as such, cannot impact their price in any significant way.

Bitcoin, at the time of writing, is changing hands at a price of $37,479.62, up 0.85% overnight, while XRP has jumped by over 2% to $0.6211. With this outlook, there is proof that the whale movements are not threatening the market balance for both assets.

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