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The crypto community has been abuzz with speculation following the detection of substantial movements involving large amounts of $XRP transferred between unknown wallets.
One of the most recent large-scale transfers on the XRPL network involved a colossal dispatch of 104,156,546 $XRP, worth approximately $59,019,563. This transaction was detected by the leading crypto whale tracking service, Whale Alert, occurring on Sunday, August 11, at 15:04:10 UTC.
🚨 🚨 🚨 104,156,526 #$XRP (59,019,563 USD) transferred from unknown wallet to unknown new wallethttps://t.co/CqTEhdX8vt
— Whale Alert (@whale_alert) August 11, 2024
Following this event, $XRP has been down about 3.9% in the past 24 hours but up over 20% in the past seven days, bringing its price to $0.5681 during this press.
Whale Alert flagged this transaction as part of a broader pattern of significant $XRP transfers between unknown wallets.
The sender’s wallet has been actively involved in previous transactions, including a significant transfer of 2.250 million $XRP.
Notably, the sender’s wallet received an even larger transfer of 106.407 million $XRP on August 9, 2024, further fueling speculation about the motives behind these substantial movements.
Large Transfers Impact Market
Whale activities have a profound effect on market sentiment, often triggering price fluctuations. For instance, on August 5, 2024, a new wallet executed a transaction, moving 2.8 million $XRP to another new wallet.
Later, a more significant transfer amounting to $50,622,428 was detected during the bearish market phase of that day. This transaction, which involved the transfer of 95,678,794 $XRP between two new and unidentified wallets, raised alarms as it coincided with a noticeable drop in $XRP’s value.
Historical Context of $XRP Whale Activity
This uptick in whale activity is part of a larger trend that has been evident over the past few months. In May 2024, Santiment highlighted that $XRP whales had accumulated 3.17 billion tokens, significantly increasing network activity.
This accumulation aligned with several large-scale transactions, with key players acquiring 540 million $XRP, worth over $270 million, within five weeks. Furthermore, during the same timeframe, there were reports of active accumulation by whales and sharks in Bitcoin, Ethereum, $XRP, and Chainlink.