In the past 48 hours, the XRP market has experienced a surge of large-scale transactions, capturing the attention of the crypto community. These noteworthy movements have raised speculations and predictions about the future of XRP. The data compiled by blockchain tracker Whale Alert provides valuable insights into these whale transactions and their potential implications.
According to Whale Alert’s social media posts, the XRP market has recently witnessed four major whale transactions. The most significant of these transactions involved the transfer of 424,354,912 XRP, valued at $214,293,666, from an unknown wallet to another. Notably, these unknown wallets are not affiliated with any crypto exchange. Furthermore, there was a transfer of 19,920,318 XRP, worth $10,167,904, from another unknown wallet to the Binance exchange. Another whale transferred 66,666,659 XRP, valued at $33,065,809, from an unknown wallet to Binance.
One particularly eye-catching transaction involved Ripple, the company behind the XRP cryptocurrency. Whale Alert reported that Ripple transferred 75,000,000 XRP, worth $37,058,145, from its Binance wallet to an unknown wallet. This move has led to speculation that the unknown wallet also belongs to Ripple, suggesting that the company may have intentions to offload these tokens on an exchange. Such speculation has resulted in many investors predicting an imminent market dump.
Ripple’s Additional Transactions
Aside from the aforementioned transfer, Ripple conducted other notable transactions on September 1. The company locked approximately 800,000,000 XRP in escrow. However, this action should not cause concern, as Ripple regularly releases 1,000,000,000 XRP at the beginning of each month before subsequently locking up approximately 80% of the new tokens a few hours later.
Effects of Whale Movements
On-chain analytics firm Santiment has provided a report highlighting the effects of these recent whale movements in the XRP market. According to Santiment’s report, there has been an on-chain transaction volume of 4.8 billion XRP, which represents the seventh-highest value for this metric in the XRP market over the past seven months. Additionally, the report indicates that the circulating supply of XRP currently stands at approximately 2.03 billion, the highest since May 31. The high level of XRP development activity has also been noted.
At the time of writing, XRP is facing challenges amidst a general market downturn. The fifth-largest cryptocurrency is trading at $0.4983, reflecting a 1.88% loss in the last day, according to data from CoinMarketCap.
The surge of recent whale transactions in the XRP market has garnered significant attention and sparked speculation within the crypto community. These large-scale movements, particularly those involving Ripple, have raised questions about the future of XRP. Investors and analysts will continue to monitor these developments closely, as they may have an impact on the overall XRP market and trading patterns.