XRP Outclasses Top 20 Assets as Whales Transact 259M Coins

XRP's Astonishing 61,000% Surge in 2017 Unlikely to Repeat, Analyst Asserts

As the asset price increased by 10% in just 24 hours, exceeding all other assets on the top 20 list by market capitalization, XRP whales recently transferred over 259M tokens.

Once more, whales are transacting with significant quantities of XRP. During the market’s rally against the bears over the last 24 hours, the community saw the transfer of 259.4 million XRP tokens in six whale transactions.

All six transactions involving the transfer of XRP between exchanges and anonymous wallet addresses were recently tracked by Whale Alert. The first transaction was a whale transfer of 30 million XRP worth $10.3 million between two wallet addresses on the Bitstamp market, which is situated in Luxembourg. The deal was made on November 14 at 2:38 PM (UTC).

Read also: As Part of Its Insurance Fund, Bitrue Holds 41M XRP

The next XRP whale movement involving Bitstamp happened just six hours later. This time, on November 14 at 8:01 PM (UTC), a transfer from an unidentified wallet brought 60 million XRP ($21 million) into the exchange.

63.8M XRP tokens worth $22.4M were once more transferred between two Bitstamp addresses in under a minute.

Furthermore, along with the Bitstamp transaction, a similar whale movement was also observed on the Latin American exchange Bitso. At 8:01 PM  (UTC) on November 14, a whale sent Bitso 30 million XRP ($10.5 million) from an anonymous wallet.

Moments after, around 8:15 PM (UTC), Bitso had an outflow of 43.2M XRP worth $15.3M.

On November 15, 4:07 AM (UTC), the largest exchange in the world, Binance, made an outflow of around 32.4 million XRP, valued at $11.9 million.

Read article: XRP Dips by 17% as Whales Move 234M XRP

These actions match the panic that the FTX issue has induced. Furthermore, it is not unusual to see such whale moves when the volatility of the price action of an asset increases. Investors rush to transfer their funds to the proper channels in order to make smart trade decisions at this point. 

However, among the top 20 cryptocurrencies by market cap, XRP has appreciated by 10.86% during the past day, making it the asset with the biggest gain. As previously reported, the recent reports of a settlement between Ripple and the SEC may have contributed to the price increase of XRP. As of press time, the XRP has surged to $0.38 amid a recovering market as it moves to retake the 40-cent region.

In response to the growing FUD caused by the unfolding FTX crisis, XRP declined along with the rest of the markets on November 9, dropping to $0.32, a level last seen in mid-July. Despite the decline, XRP outperformed the majority of assets in its resistance to the negative impacts of the FTX scandal. It seems to be among the highest-gainers now that the markets are showing signs of recovery.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

Share this :