Whale Moves 21.8M XRP to Unknown Wallet: for Long-Term Hodling?

• A whale transferred 21,891,000 XRP from Bittrex to an unknown wallet, signaling a possible long-term hodling strategy.
• Major Japanese banks integrating XRP for cross-border transactions could accelerate global adoption of the cryptocurrency.

Whale Alert detected a large movement of 21,891,000 XRP, worth about $12,296,807, from the Bittrex exchange to an unknown wallet. Following this significant transaction, the receiving wallet now has a total of 25,891,000 XRP, valued at around $14,612,000, indicating a long-term hodling strategy by the whale.

This amassing of Ripple coins via Bittrex suggests a purposeful action by the investor, potentially anticipating future price hikes.

🚨 21,891,000 #XRP (12,296,807 USD) transferred from #Bittrex to unknown wallethttps://t.co/bA4LgfjrK6

— Whale Alert (@whale_alert) August 15, 2024

XRP Whales Shift to Exchange Wallets Amid Speculation 

XRP whales have recently gained attention due to their increased activity. Unlike earlier patterns, which involved moving assets from exchange wallets to self-custody wallets, there has been a clear movement toward transferring assets to exchange wallets. This shift in behavior has aroused speculation from analysts and traders alike.

Interestingly, despite these substantial fluctuations, the XRP price has continued to fall somewhat. Over the last 24 hours, the token’s value has dropped by 0.02% to $0.5648, indicating that it is currently trapped inside a multi-day trading range.

On the other hand, as we previously reported, Binance.US just provided an update on the origins and technology underlying XRP, reigniting interest in the coin. This heightened interest follows Ripple’s court victory against the SEC, which resulted in a 30% increase in the XRP price.

Furthermore, according to a prior CNF noted, XRP’s strong performance in the current market cycle may position it to surpass not only Ethereum (ETH), but also Bitcoin (BTC).

The increased legal clarity and non-security status of XRP support this optimistic outlook and may help it achieve outstanding performance during the anticipated bull run.

Adding to the positive momentum, major Japanese banks have integrated XRP into their systems with the goal of revolutionizing cross-border transactions. This action is likely to increase global acceptance of XRP, hence strengthening its position in the financial sector.

Recommended for you: