XRP Whales Make Interesting Transactions, Putting Pressure on Price
XRP has seen significant movements from big money players in the crypto market, with over 1.7 billion XRP worth $899 million being transferred in August alone. These whale transactions have sparked curiosity and concern among investors. Some view it as a bearish signal for XRP’s price, as large sell-offs could potentially bring downward pressure.
Notable whale movements have been observed, with Bitstamp and Bitvavo receiving substantial amounts of XRP from unknown wallets. In one instance, 425,118,503 XRP worth $224 million left Bitvavo for an unknown wallet. However, it has been discovered that these transfers were actually internal movements within Bitvavo.
Ripple itself has contributed to the XRP whale movements, with the company returning 800 million XRP tokens to its escrow wallet after a periodical unlock. This action has increased the number of tokens in circulation. On August 1, 300 million XRP tokens worth $209 million were locked in Ripple’s Escrow wallet, followed by an additional 500 million XRP tokens worth $349 million.
Despite a 2% increase due to buying pressure on Bitcoin, XRP’s price has dropped by 24.61% in the past month. However, trading volume has spiked by 115.03% in the past 24 hours.
Main Breakdown:
– XRP whales have transferred over 1.7 billion XRP worth $899 million in August.
– Whale movements generate curiosity and concern among investors, potentially putting downward pressure on XRP’s price.
– Bitstamp and Bitvavo have received significant amounts of XRP from unknown wallets.
– Internal movements within Bitvavo have been discovered, suggesting the transfers were not external.
– Ripple returned 800 million XRP tokens to its escrow wallet, increasing the number of tokens in circulation.
– XRP’s price has dropped by 24.61% in the past month, but trading volume has spiked by 115.03% in the past 24 hours.
Hot Take:
The recent whale transactions in the XRP market have raised questions about the potential impact on the cryptocurrency’s price. While some may view it as a bearish signal, it’s important to consider the internal nature of some of these transfers. Overall, the volatility in XRP’s price and the increase in trading volume indicate a dynamic market that crypto readers should closely monitor.
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