Over the past 48 hours, the XRP market has witnessed a significant number of large-scale trades, drawing significant attention from the general crypto space. According to data from blockchain tracker Whale AlertXRP whales conducted trades involving over a billion XRP on Friday, September 1.
Ripple transfers 75 million XRP to an unknown wallet while buying whales
From a series of posts by Whale Alert on social media platform X (formerly Twitter), it can be deduced that the XRP market witnessed four major whale trades.
The largest of these transactions was the transfer of 424,354,912 XRP – valued at $214,293,666 – from one unknown wallet to another. In this context, unknown wallets refer to addresses that have no affiliation with any crypto exchange.
Then there was the move of XRP, 19,920,318 XRP worth $10,167,904, from another unknown wallet to the Binance exchange. It was also noted that a whale transferred 66,666,659 XRP, worth $33,065,809, from an unknown wallet to the Binance exchange.
However, the most notable transaction that caught the attention of most traders came from Ripple, the company behind the XRP cryptocurrency.
???? ???? 75,000,000 #XRP (USD 37,058,145) transferred from #Ripple to unknown wallethttps://t.co/MIAbaaLoOS
— Whale Alert (@whale_alert) September 1, 2023
Whale Alert reported that Ripple transferred 75,000,000 XRP, worth $37,058,145, from his Binance wallet to an unknown wallet.
After this move, some crypto enthusiasts believe that this particular unknown wallet also belongs to Ripple as the company could be planning to list these tokens on an exchange soon. This speculation has led most investors to predict an impending market dump.
Ripple also conducted other transactions on Sept. 1, placing approximately 800,000,000 XRP in custody.
However, this is not a cause for concern as the crypto payment company has been known to release 1,000,000,000 XRP at the beginning of each month before committing around 80% of the new tokens a few hours later.
XRP records, among other things, the highest transaction volume in seven months
Following the massive transactions in the XRP market, on-chain analytics company Santiment has released a report highlighting some of the effects of these whale movements.
According to an X post on September 1, Santiment reports an on-chain transaction volume of 4.8 billion XRP, marking the seventh highest value of this metric in the XRP market over the past seven months.
The analytics firm also noted that there are currently around 2.03 billion XRP in circulation, representing the highest circulating supply of the token since May 31. Moreover, XRP development activity was also reported to be on the high side.
At the time of writing, XRP is still struggling amid a general market downturn. The fifth largest cryptocurrency is trading at $0.4983 with a loss of 1.88% in the past day, according to data from CoinMarketCap.
XRP trading at XRPUSD on the daily chart | Source: XRPUSD chart on Tradingview.com
Featured image of Unsplash, chart from Tradingview.