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A new XRP whale just moved a whopping 425.8 million XRP tokens from the Bitvavo exchange after accumulating them for four weeks.
XRP whales continue to amass more tokens despite the market uncertainty plaguing the asset. Amid this accumulation trend, a new unidentified address moved over 425 million XRP from Bitvavo after weeks of augmenting their holding.
Whale Alert, a prominent whale-tracking platform, first called attention to the development in an automated post on X.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 425,868,525 #XRP (220,143,198 USD) transferred from #Bitvavo to unknown wallethttps://t.co/f2bJvcoRXc
— Whale Alert (@whale_alert) August 25, 2023
Notably, the whale address transferred exactly 425,868,500 (425.8 million) XRP from Amsterdam-based exchange Bitvavo to a new unknown address yesterday at 15:12 (UTC). Interestingly, the unknown address was activated on the same day of the transaction.
The sending wallet is also a reasonably new address, with an activation date of July 29. Since its activation, this wallet has exhibited a specific behavioral pattern. Notably, it received millions and thousands of XRP from Bitvavo for 25 days.
This behavior suggests an accumulation pattern – a trend dominant within the XRP market amid the price drop. The whale address has now moved all the accumulated tokens to the new recipient address, leaving it with an empty balance.
Market participants have speculated that this could be a pattern of accumulated tokens sent to non-custodial wallets for long-term HODLing. Investors move their large balances to cold wallets when they seek to hold them for long periods.
However, an investigation by The Crypto Basic suggests that the recipient address might not be an external address.
The address was also activated by Bitvavo. In addition, all the funds moved from the sending address came from the exchange. This could indicate that these are in-house movements from the Bitvavo team.
XRP Accumulation Trend
Nonetheless, the recent accumulation campaign observed among XRP investors is undeniable. The Crypto Basic drew the public’s attention to this trend in a previous report, citing Santiment data.
Per the report, addresses holding between 10 million and 1 billion XRP increased their collective balance to 16.1 billion XRP as of August 20. These wallets had cumulatively amassed over 1.6 billion XRP since late July amid the XRP downturn.
Meanwhile, XRP has held steady above the $0.50 territory, trading for $0.5188 as of press time. The asset is witnessing an encouraging 2.39% gain over the past seven days, with a 53% increase this year.