Large XRP whales engaged in increased activity over the weekend by moving 645 million tokens in a span of three hours. This coincided with XRP encountering strong resistance as it tried to reach the $0.40 price level, which it had not done since February 9th.
According to Whale Alert, all 645 million XRP tokens were transferred in six transactions. The first transaction, which occurred yesterday at 19:41 (UTC), involved the transfer of 264.5 million XRP ($102 million) between two anonymous wallets.
Shortly after the first transaction, within a span of two minutes, the receiving wallet transferred all the tokens it received in two different transactions. In one of these transactions, 244.5 million XRP ($94.3 million) was transferred to another unknown wallet.
The unidentified wallet that received 244.5 million XRP in the previous transaction sent out all the tokens in several transfers to three cryptocurrency exchanges – Bitstamp, Bitso, and Independent Reserve. Among these transactions, Whale Alert reported the three most significant ones. The first significant transfer happened at 21:41 (UTC) and involved the movement of 43 million XRP ($16.7 million) to an address affiliated with Bitstamp.
The same unidentified wallet also made two additional transfers to the Bitstamp-affiliated address. Four minutes after the first transfer, the second transfer involved 35 million XRP ($13.5 million). The third transfer, carried out two minutes later, saw the wallet send another 30 million XRP ($11.6 million) to the same Bitstamp address. While the reason behind these transactions to Bitstamp remains unknown, it’s notable that this type of large-scale transaction has been occurring frequently on the Bitstamp exchange lately.
Following the transfers to Bitstamp, an unidentified whale transferred 28 million XRP, worth $10.8 million, to a wallet associated with the Bitso exchange at 22:00 (UTC).
The recent surge in whale activity involving XRP tokens coincides with market uncertainty and rumors surrounding the Ripple vs. SEC lawsuit. For example, during a 3% price drop last Monday, large XRP investors shuffled almost 600 million XRP tokens, further highlighting the current market volatility and uncertainty.
On the contrary, the latest whale transactions occurred when XRP’s value increased by 5% the previous week, despite facing resistance at the $0.40 price last Thursday. Currently, XRP has gained 1.04% in value and is attempting to register a positive session following two consecutive losing sessions. XRP is currently trading at $0.3930.
