As XRP begins to recover from a weekend dip in its price, recent on-chain data reveals several movements of XRP tokens to exchanges, which has raised concerns among investors.
Over the weekend, XRP experienced a significant price drop of 21% due to Bitcoin’s influence, causing it to revisit the $0.43 range. However, within the past day, the cryptocurrency has made a noteworthy comeback and has reclaimed the $0.5 range. Currently, XRP’s price stands at $0.5165, marking a 5.3% increase.
During this recovery period, Whale Alert, a platform that tracks large cryptocurrency transactions, has recorded multiple transfers of XRP tokens worth millions of dollars to three prominent centralized exchanges: Bitvavo, Bithumb, and Bitstamp. These transactions have taken place within the last 24 hours.
The first transfer occurred through Bitstamp at 06:47:31 PM UTC yesterday, where the exchange received 22 million XRP, valued at over $10.8 million, from an anonymous wallet.
However, a more substantial movement of XRP tokens, amounting to over $200 million, was observed within the last three hours. Specifically, the well-known Korean exchange Bithumb received 390,869,591 XRP, equivalent to $201,100,740, from an unknown wallet.
Shortly after the significant transfer to Bithumb, the public wallet of the Bitvavo exchange received 40 million XRP in two transactions from unknown wallets, totaling over $20.6 million. In total, these three exchanges have received 452,869,591 XRP from various sources within the last 24 hours, with a combined value of $232,603,38.
These recent significant transfers have sparked mixed reactions within the crypto community, and the timing of these movements has added to the speculation. Some community members, like Daniel, anticipate a potential large sell-off of XRP.
Further investigation into the XRP Explorer, Bithomp, has provided limited information regarding the entities behind these transactions. Regarding the transfer of over 390 million XRP to Bithumb, it was discovered that the source wallet belongs to Bithumb itself, suggesting an internal exchange movement. However, the sources of the XRP inflows to Bitstamp and Bitvavo remain unknown.
These inflows to exchanges closely follow Ripple’s decision to transfer 100 million XRP to an unidentified wallet, which has raised concerns about a potential sell-off.
Disclaimer: This article aims to provide information and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic holds no responsibility for any financial losses incurred.