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Following the recovery on the cryptocurrency market, XRP whales are moving large quantities of the cryptocurrency between private wallets, as Whale Alert tracking bot reports. The reason behind those transactions remains undisclosed.
According to the transaction page, a wallet ending in DG9Ad sent $55 million worth of XRP to a wallet ending in BZcEXg at 6:27 a.m. UTC. But while the initial notification states that the transaction was made from an unknown wallet, the hash data suggests that the sender wallet is tied to Bithumb cryptocurrency exchange.
The recipient wallet currently holds 60 million XRP coins and recently sent 30 million coins to two other addresses, which could indicate that the whale is either redistributing funds or moving them to another exchange.
The recipient wallet is constantly receiving large transactions from various addresses, suggesting that it is either tied to the exchange or is actually the address of a crypto-related services like OTC trading desk.
XRP market performance
According to TradingView, XRP is moving in a low-volatile rangebound since the middle of February, which shows that the majority of the market is still uncertain about the future movement of the asset.
In the long term, XRP is moving in a sharp downtrend and losing almost 50% of the value. Since the end of January, it has been in the recovery channel, in which it already lost 20% from the local peak.
The cryptocurrency market is also going through a tough time and losing over 60% of its value with a major drop in volume and liquid supply as traders and investors started moving their funds away from centralized and decentralized exchanges.
At press time, XRP is trading at $0.72 and gaining approximately 0.72% in the last 24 hours.