100,000,000 XRP in 48 Hours, Here’s What Happened

Cryptocurrency analyst and trader Ali Martinez has taken to his account on the X social media giant to share with the community that a huge lump of 100 million $XRP coins has changed hands over the past two days.

100 million $XRP on the move

The analyst shared a chart produced by the popular on-chain data aggregator Santiment which revealed that cryptocurrency whales have begun a massive buying spree on the market. During the past two days, they have accumulated an astounding 100,000,000 $XRP. Those were large wallets, holding between 1,000,000 and 10,000,000 $XRP each.

At the current exchange rate, this amount of Ripple-affiliated coins is valued at $327,484,478 as the $XRP is changing hands at $3.27 per coin.

According to the chart, over the two previous days, whales sold a significant amount of $XRP: “Whales bought over 100 million $XRP in the last 48 hours.”

These 100 million $XRP were purchased as the third biggest cryptocurrency by size of the market capitalization plunged, losing more than 10% - from approximately $3.27 to $2.92. Today, $XRP witnessed a massive increase of more than 14% as it skyrocketed from $2.92 to the $3.33. $XRP followed the Bitcoin price trajectory as the largest cryptocurrency reached a new all-time high of $109,114. By now, BTC has shed some of its today’s profits and is trading at $107,468.

40 million $XRP deposit strikes Binance

As covered by U.Today earlier, a slightly smaller $XRP chunk, containing 40 million $XRP coins was transferred to the largest global crypto exchange Binance from an anonymous cryptocurrency wallet.

While the community took this deposit as a bullish sign, Bithomp $XRP-focused data platform revealed that the transfer had in fact been conducted by a wallet associated with Binance. Therefore, it was an internal crypto transaction.