Whales Move 1.6 Billion XRP Across Exchanges, Sparking Market Concerns
- Whales move over 1.6 billion XRP tokens, valued at over $814 million, in five distinct transactions across two major crypto exchanges, Bybit and Bithumb.
- Members of the XRP community have questioned the reason behind the sudden movement of massive amounts of tokens. Some voiced concerns about potential selling pressure.
- XRP trades below the $0.6 region, with an over 5% increase over the past 24 hours.
According to data from the on-chain tracking platform Whale Alert, whales transferred 1,606,093,000 Ripple's native coins, worth over $814 million, within a few hours on Tuesday.
Further, the data noted that the whales completed the movements in five separate transactions across crypto exchanges, Bybit and Bithumb.
The first transaction involved the transfer of over 580 million XRP, worth about $297 million, according to XRPL explorer Bithomp. This transfer occurred at 13:53 UTC from the Bithumb-related account to an unknown wallet, rPyCQm."
The second transaction trail involved the transfer of $199,999,993 XRP from another Bithumb-related wallet, mArodsZ," to the same receiver's wallet in the previous transaction.
This transaction happened at 14:00 (UTC), just seven minutes after the first one. Notably, the transaction occurred at an average price of $0.506 per XRP coin, amounting to $101 million.
The third transaction involved another Bithumb-based wallet, rJyEK6," as the sender and the same receiver's wallet in the previous transfers. In this transaction, the sender moved over 200 million XRP worth $101.3 million two minutes after the second transaction.
The fund movement continued with a fourth transaction at 14:06 (UTC). This time, another Bithumb-affiliated address, rZcBQa," moved about 600 million XRP tokens, worth over $304 million, to the same receiver's address.
The fourth transaction brought the receiving wallet's (rPyCQm") total holdings to about 1.586 billion XRP coins, worth over $859 million.
After an hour, Whale Alert revealed another whale transaction involving the transfer of 20 million XRP, worth over $10.2 million.
This transaction, which occurred at 15:06 (UTC), has a sender address, raQxZL," and a Bybit-related address, rMvCas," as the receiver.
This sender's address currently holds 386 million XRP as of the press time. Moreover,Bithomp dataindicated that the sender has recently moved XRP tokens to Bybit consistently. The wallet transferred 10 million XRP on November 4 and the same amount on November 1.
Community Reacts To Massive Token TransfersThe XRP community members have reacted to the recent trend of whale transfers. Many wonder what the reason behind the massive XRP tokens could be. One X user questioned the movements, What's going on?"
Their concerns revolve around a potential pressure on XRP, which could trigger a decline.
On the other hand, some users believe the movement could be associated with the Ripple escrow unlocking procedures for the month.
An X user, @gripecoin, said: This is from their escrow unlock. They didn't lock yet so this means massive dumps coming. Let's hope not!"
Meanwhile, XRP has lost its hold at the $0.6 threshold since early October and hovers around the $0.5 region. XRP trades at $0.53, reflecting an increase of over 5%. Its market cap now sits at $30.18 billion.
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