The XRP price is now defying market expectations and has gained roughly 2% in the previous 24 hours. Massive movements of whales have been observed in the last few hours.
Given the macroeconomic challenges and the still-unprocessed shock of the FTX collapse, the cryptocurrency market is on fragile ground.
However, XRP investors do not appear to be concerned at the time. Data, on the other hand, suggests that whales may have played a role in this process.
According to the renowned cryptocurrency tracker Whale Alert, a total of 160.6 million XRP has been exchanged in the last 24 hours. One specific purchase is making quite a stir.
Ripple transferred 50 million XRP from one of its accounts to an unknown address, according to WhaleAlert. The transaction is currently the subject of hot debate, with some speculating that Ripple may sell part of their XRP holdings.
According to Bithomp research, the cryptocurrency was moved to another business wallet (RL18-VN), which is generally used to move or sell the token outside the corporation.
Furthermore, whales moved 35.6 million Bitstamp tokens to an unknown wallet, as well as 40 million XRP worth around $15.3 million to the European exchange Bitstamp.
The Bitstamp whale is tied to the Bitrex exchange in the United States, from which the transfer was made.
Surprisingly, these whale trades come on the heels of a far larger set of transactions totaling 4.1 billion XRP on Wednesday. These tokens were transferred from Bittrex to Uphold in 10 transactions totaling 500 million units, according to WhaleAlert and Bithomp.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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