In a series of eyebrow-raising moves, Ripple has shifted a substantial amount of XRP over the past 24 hours. The digital asset giant executed three separate transfers, totaling 146.92 million XRP, sending ripples of speculation through the crypto community.
The first transaction, occurring on August 14th, saw 26.72 million XRP journey from a Ripple wallet to the Bitstamp exchange. Shortly after, an internal transfer of 100 million XRP between Ripple wallets took place, with a subsequent 20.9 million XRP returning to the original wallet. The day’s activity concluded with another 20.2 million XRP transfer from the same Ripple wallet to the Bitso exchange.
These maneuvers strongly suggest that Ripple is strategically positioning XRP on major exchanges. While such transfers are not unprecedented – the company often moves millions of XRP following its monthly escrow unlocks – the scale and timing of these recent transactions have ignited particular interest.
Adding fuel to the speculative fire, Whale Alert detected another massive XRP transaction on August 11th. A staggering 104.16 million XRP, valued at approximately $59.02 million, changed hands between unknown wallets. Interestingly, this transfer coincided with a brief 3.9% price drop in XRP, though the cryptocurrency had enjoyed a bullish week leading up to the event.
Also Read: XRP On Fire – Analyst Predicts $100 Price Target, Outpacing ETH And BTC
The impact of these whale-sized transactions on XRP’s trading volume is noteworthy. While an initial 16.27% drop was recorded, the volume has since rebounded. However, XRP’s price has dipped to $0.5584, marking an 8.55% decline over the past week. It’s crucial to remember that these large-scale transfers primarily involve on-chain movements and do not directly influence trading volumes on exchanges.
As the crypto world watches with bated breath, the question on everyone’s lips is: What is Ripple up to? Are these transfers a precursor to a major announcement, a strategic move to increase liquidity, or something entirely different? Only time will tell.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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