XRP, has recently entered the radar of investors, especially with the increasing interest in the Ripple case. Meanwhile, crypto continued to witness whale activity in recent days. This led to speculation among crypto market enthusiasts.
In a recent move, whales transferred a total of approximately 55 million XRP to two exchanges, while investors are investigating the potential reason for this move. Following the heavy transfer, a decline in the XRP price was recorded. Additionally, crypto remained in the red this week due to broader market issues.
Giant Whale Transfer
on October 12 crypto- tracking service platform Whale Alert reported significant transfers of XRP from anonymous wallets to two leading crypto exchanges. The first transfer involved moving 23.70 million XRP, worth over $11.50 million, from an unknown wallet to the Bitso exchange.
Simultaneously, in another move, 31,200,000 XRP transfers worth approximately $15.15 million were sent from an unknown wallet to the Bitstamp exchange. Meanwhile, the timing of these transfers is noteworthy, considering that XRP has been losing value recently and has experienced a significant decline over the past week. Therefore, if these transactions are for sales purposes, it may suggest that the whales are disposing of their assets at a loss.
However, these moves also sparked speculation among crypto market enthusiasts. Bitstamp, in particular, is known as one of Ripple’s ODL platforms that facilitates the transfer of funds using XRP.
Therefore, transfers to the Bitstamp exchange may indicate that the transfers made were made to provide a significant amount of XRP required for ODL transactions through Bitstamp.
Koinfinans.com As we reported, the XRP price is trading at $0.4834, down 0.41% at the time of writing. Additionally, its volume in the last 24 hours decreased by 5.54% to $712.01 million. On the other hand, market capitalization also decreased by 0.31% to $25.83 billion.
Meanwhile, crypto remained in negative territory throughout the week as investors shifted their focus to safer assets amid market uncertainties. altcoin Its price has witnessed a decline of around 8% in the last seven days.
However, when talking about recent XRP transfers, these moves have sparked controversy in the crypto community and there has been speculation as to whether the transfers were strategically executed for ODL or whether other factors are at play in these significant XRP transfers to exchanges.