742 Million Ripple (XRP) Worth $246M Shuffled In 24 Hours

August 31, 2022 4:12 pm

WhaleAlert is known as the leading cryptocurrency transaction tracker within the industry and is often used to observe whale activity within the crypto markets.

Recently, WhaleAlert has observed a massive shuffling of XRP between the top exchanges and multiple unknown wallets.

According to the data, around 742 Million XRP that is worth around $246 million has been shuffled between wallets in just the past 24 hours.

Speculators believe that this may be further accumulation or additional clues of an upcoming rally for the price of the digital asset.

TheCryptoBasic reports:

As reported by Whale Alert, the first transaction occurred roughly 16 hours ago, involving an address on the Crypto.com exchange and an unknown wallet.

According to Whale Alert, a total of 50 million XRP, worth $16.47 million at the time of the transaction, were sent from Crypto.com to an unknown wallet.

Two hours later, Whale Alert observed the movement of another large XRP transfer from FTX to an anonymous address. This time, 160 million XRP coins valued at around $52.9 million were sent from an FTX address to an unknown address.

At the same time, 48 million XRP were sent from an anonymous wallet to an address on the Bitstamp exchange. The funds were worth $15.74 million when the transaction was made.

Roughly 10 hours ago, an unusual massive transaction involving XRP was spotted by Whale Alert. Per the cryptocurrency whale tracker, 176.5 million XRP worth $58.6 million were transferred from an unknown wallet to another unknown wallet.

The tracker continues to track multiple large transactions that were made between exchanges and offline wallets.

The volume and size of the transactions were certainly different than normal which indicates that there is something of an “anomaly” that may be going on here.

Additionally, the transfers also seem to be happening during a dip in price for XRP so the timing of the shuffling can either be considered a coincidence or intentional.

Which ever one it is, the observation of transaction data is always useful to have as it indicates what large financial institutions are doing during this current market.

U.today reports:

According to Whale Alert cryptocurrency tracker, roughly seven hours ago, a staggering 500 million XRP was transferred from a major crypto exchange Kraken.

An amount of half a billion XRP tokens were sent from a Kraken wallet to an anonymous crypto address, while the seventh largest digital currency is trading in the $0.32 range.

Earlier today, XRP printed several consecutive red hourly candles, dropping by 4.61 percent. By now, however, Ripple-affiliated coin has partly recovered, rising by nearly 3 percent.

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