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Whales Move Massive 442M XRP As Price Rebounds

11/29/2022
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Large XRP transfers are on the increase.

@Whale_Alert, the leading blockchain tracking platform, reported that XRP whales moved a hefty amount of the token in the past 24 hours. According to Whale Alert, a total of 442,302,161 (442.3M) XRP worth $178.69 million at the current exchange rate have been shuffled by crypto whales over the past day.

Unknown Whale Move 280M XRP in One Transaction

The most significant of these massive XRP transfers over the past 24 hours involved the movement of 280 million XRP coins, which were sent from one unknown wallet to another. According to data from Whale Alert, the transaction took place 17 hours ago. The anonymous whale transferred a total of 280,684,171 (280.68 million) XRP coins worth a whopping $110 million at the time of the transaction.

The purpose of the transaction was not known. It could be that the transaction is for investment purposes or related to Ripple On-Demand Liquidity (ODL). This service uses XRP as a bridge currency for cross-border settlement.

As reported earlier this year, Ripple’s ODL solution recorded a whopping surge in demand, prompting the leading Silicon Valley tech company to purchase millions of XRP tokens from secondary markets to meet the growing demand for the solution.

Other Hefty XRP Transfers

Meanwhile, Whale Alert also observed the movements of other hefty amounts of XRP. According to Whale Alert, an anonymous whale withdrew 30.4 million XRP ($11.75M) to an address on the Bitso cryptocurrency exchange 23 hours ago.

An hour later, an unknown whale deposited 29 million XRP to the Bitstamp cryptocurrency exchange.

Another unknown whale also moved 25.6M XRP coins to the Bitstamp cryptocurrency trading platform.

About three hours ago, an unknown cryptocurrency user deposited 25M XRP worth $10.12 million to the Bitstamp exchange.

A few minutes later, Whale Alert observed that the owner of the Bitstamp address withdrew 25,817,990 (25.81M) XRP from the cryptocurrency exchange to an external wallet.

Furthermore, Whale Alert also spotted another hefty XRP movement to the tune of 25.8 million XRP worth $10.51 million from the Bitso cryptocurrency exchange to an unknown wallet.

XRP Price

It is worth noting that these large XRP transfers did not have much significance on the asset’s price. According to Coingecko data, XRP is trading at $0.404, up 2.6% in the past 24 hours. However, the trading volume is $950,417,609, down 10% in 24 hours.

XRP currently trades above the $0.40 level. Despite starting the day on a bearish note, the asset has staged a comeback, seeing a game of 2.6%. The asset recently conquered the first significant resistance point at $0.40.

The asset seems primed for a rally to the second crucial resistance level at $0.4244, which would be its next destination if the bulls can sustain the recently-engineered rally. Hopes of an SEC settlement could then provide ample support for the asset’s journey to the third major resistance at $0.4551.

If purchased at the time of launch, XRP’s current return on investment (ROI) at the present prices is 6743.99%.

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Source: https://thecryptobasic.com/2022/11/30/whales-move-massive-442m-xrp-as-price-rebounds/?utm_source=rss&utm_medium=rss&utm_campaign=whales-move-massive-442m-xrp-as-price-rebounds