XRP has not been spared in the tremendous bloodbath that is now taking place in the markets. Despite a positive start to the week, the cryptocurrency markets have met with major obstacles after reversing gains made in the previous seven days. XRP was affected by the slaughter as whale movements increased, with over 234M moving between exchanges in a single day.
Whale Alert, a blockchain surveillance and analytics tool, has reported multiple whale transactions related to XRP in the last 24 hours. In the last 24 hours, these transactions have collectively moved 234.5M XRP. The most recent transaction featured a sizable outflow of 30M XRP, or around $11.5M, from Binance to an anonymous wallet.
This transaction was preceded by the withdrawal of around 89.5 million XRP, valued at $36.8 million, from the Latin American exchange Bitso at 12:30 this morning. Additionally, the money was moved to an unidentified wallet. Whales have twice sent 60 million XRP ($24 million) and 30 million XRP ($12 million) from unidentified wallets to Bitso 45 minutes before this.
Read article: Binance, FTX, Bitstamp, and Whales All Moved 492 million XRP
It is unclear why the whale moves were so urgent, given that all Bitso transactions took place in a single hour. However, the argument that makes the most sense emphasises the recent strong volatility in the market and the need for quick trading decisions to protect against negative outcomes.
A whale had transferred 25 million XRP, or about $10.9 million, to Bitstamp in a single transaction before the Bitso transactions. The deal was made early on Tuesday as XRP fell from its lofty position of $0.46 at the commencement of the market volatility.
Nevertheless, the current market circumstances and the relentless whale moves have not been favourable for the price of XRP. The asset, which had a strong start to November, fell from a high of $0.50 last Saturday to $0.43 this Tuesday before making a few slight gains.
The asset ultimately dropped below the $0.40 mark on Tuesday amid the chaos brought on by the FTX issue, proving that the bears’ push was stronger than XRP’s resistance. As of the time of publication, the price of XRP has dropped 176.4% over the last 24 hours and is at $0.3670.