XRP whales have increased on-chain activity by moving millions of assets in the last 24 hours. increased. According to data from crypto analysis platform Whale Alert, there have been at least two major whale movements so far. The largest movement, involving 50,000,000 tokens worth approximately $27,602,730, was moved from the CryptoCom exchange to an unknown wallet.
🚨 🚨 50,000,000 #XRP (27,602,730 USD) transferred from #CryptoCom to unknown wallethttps://t.co/mgEut2tYeA
NEWS CONTINUES BELOW— Whale Alert (@whale_alert) October 30, 2023
The second XRP whale movement involved 26,700,000 tokens with $14,829,710 moved from an unknown wallet to Bitstamp. The movements of these tokens most likely indicate different reasons. Transferring funds from an unknown wallet to Bitstamp could mean a possible sale, while funds from CryptoCom could be associated with a potential hedge.
Since there is no way to clearly understand these token holders, it is not possible to verify these claims. While the utility of XRP is increasing day by day, the exit from CryptoCom to an unknown wallet can also be loosely attributed to over-the-counter (OTC) transactions, many of which are generally undetected on-chain.
Additionally, XRP sent to Bitstamp may also be reserved for some passive income products on the trading platform. altcoinIt should be noted that now stands out as a token with a high growth trend on different platforms.
As evidenced by the reaction following the Whale transfer updates, many industry members are calling this a red flag that could indicate an impending sale. Despite this bearish trend, XRP remains in positive territory and its price is up 1.2% to $0.5537 at the time of writing. Transaction volume reached 797.9 million dollars, an increase of 57%.