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Multiple anonymous XRP transfers have been detected on-chain as the XRP community remains stunned. Moreover, the timing of these transactions is crucial as XRP is currently aiming to kick start a huge price rally. Many analysts have been expecting an upward move from the coin.
On-chain tracking service Whale Alert has shared details about these latest XRP transactions. In the first transfer, more than 102 million XRP were transferred from an unknown crypto wallet to another unknown new wallet. This transaction was worth around $61 million as the current XRP price.
In the second transfer, another XRP whale moved over 26 million XRP coins to Mexico-based crypto exchange Bitso. These coins were estimated to be valued above $15 million. However, this is not it. Whale Alert has detected another prominent XRP move from another XRP whale.
In the last transfer, the whale transferred just over 26 million XRP to European cryptocurrency exchange Bitstamp. This transaction was valued over $15 million. Collectively, these three XRP transfers are valued around $113 million, as almost 155 million XRP coins shifted hands in the last 24 hours.
Impact on XRP's price
Major movements from whales typically leave a strong impact on the XRP price. However, it will be too early to predict the implications of these transfers. Moreover, they are giving mixed signals. The first transfer is neither a sale nor a purchase. However, the last two appear to be potential selling activity.
Although selling pressure like this can be negative for the price, it is expected that XRP can sustain this pressure. As of writing this story, the price of XRP is trading at $0.6002, a slight decrease of 0.23% in the last 24 hours. XRP has successfully cleared the crucial $0.60 level, hence, it is likely that it will go up from this point.
Vladislav Sopov
Yuri Molchan
Dan Burgin
Alex Dovbnya