thecryptobasic.com
As $XRP price recovers from the weekend’s dip, on-chain data shows multiple movements of $XRP tokens to exchanges within the last few hours, sparking bearish concerns.
Over the weekend, $XRP revisited the $0.43 range following a 21% price collapse influenced by Bitcoin. However, within the past day, the asset has engineered a notable comeback, reclaiming the $0.5 range. In particular, $XRP is up by over 5.3%, with its price currently at $0.5165.
Amid this recovery, Whale Alert has indexed $XRP transfers worth millions of dollars from multiple unknown wallets to three top centralized exchanges: Bitvavo, Bithumb, and Bitstamp. These transactions occurred within the last 24 hours.
Exchanges Receive 452M $XRP
The earliest transaction occurred through Bitstamp. At 06:47:31 PM UTC yesterday, the exchange took a store of 22 million $XRP, valued at over $10.8 million, from an anonymous wallet.
However, a more staggering movement of $XRP, worth over $200 million, surfaced within the last three hours. In particular, the prominent Korean exchange Bithumb received 390,869,591 $XRP worth $201,100,740 from an unknown wallet.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 390,869,591 #$XRP (201,100,740 USD) transferred from unknown wallet to #Bithumbhttps://t.co/IMNZBQEP6D
— Whale Alert (@whale_alert) April 15, 2024
Within an hour of the significant Bithumb transfer, Bitvavo exchange’s public wallet received 40 million $XRP in two transactions from unknown wallets, totaling over $20.6 million. Cumulatively, within the last 24 hours, these three exchanges have received 452,869,591 $XRP from exchanges. The transactions hold a monetary weight of $232,603,38.
These recent massive movements have sparked mixed reactions from crypto community members. Moreover, the timing has added to the speculation. Considering the weight, X user Daniel speculated that $XRP could soon be witnessing a big dump.
The Unknown Whales
Meanwhile, further scrutiny of $XRP Explorer Bithomp provided little hints regarding the entities behind the $XRP transactions.
As for the over 390 million $XRP transfer to Bithumb, the explorer noted the source wallet belongs to Bithumb, indicating an internal exchange movement. Meanwhile, for Bitstamp and Bitvavo, the source of the $XRP inflow remains unknown.
Overall, these inflows to exchange closely follow Ripple’s decision to move out 100 million $XRP to an unidentified wallet, sparking sell-off concerns.