Whale Wallet Moves 105M XRP Tokens Worth $51.4 Million

Vinod Dsouza
Source: Siam Blockchain

A mysterious whale wallet moved 105 million XRP tokens during the early hours of Thursday which is worth $51.4 million. Whale Alert dished out the transfer showing that the unknown wallet moved 105 million XRP to a different wallet address.

However, Bithomp, the XRP-focused analytics website tracked the whale movements showing that the funds were transferred from the Binance address to Bittrex crypto exchange.

Also Read: Bitcoin May Outperform Every Asset in Bull-Market: Bloomberg Intelligence

xrp ripple whale transfers 105 million tokens
Source: whale-alert.io

The reason for the transfer of 105 million XRP tokens remains to be a mystery. Whale movements into XRP have increased dramatically since September and the token rallied last month defying all odds.

XRP jumped 50% in the last 30 days despite the bearish market conditions. The token was at $0.30 in July and steadily shot up reaching $0.54 last month. It’s hovering over the $0.50 mark this week and could break out in price again.

Also Read: Shiba Inu: Will Shibarium Burn 100 Trillion Tokens? Shytoshi Responds

What Is Driving XRP’s Price?

XRP Whale Transfers 20 Trillion SHIB, the Largest Shiba Inu Transaction in History
Source: Medium

Investor sentiments into XRP are turning positive as the crypto delivered decent gains last quarter. The increased trader optimism is among the reason that’s driving its price, as investors are flocking to take an entry position. The price rise had brought in confidence and investors are willing to risk placing their bets in the crypto.

The risk paid off as the asset defied the market trend and traded in the green while the majority of cryptos were in the red. On September 23, 2022, XRP spiked 30% and reached its monthly high of $0.54. XRP is already 4% up in the day’s trade while Bitcoin and Ethereum were in the red.

Also Read: 3 Cryptos Showing Signs of Accumulation In October 2022

At press time, XRP was trading at $0.49 and is up 4% in the 24 hours day trade. The asset is down 85.3% from its all-time high of $3.40, which it reached in January 2018. Its been more than four years since it touched its ATH and is unable to claw back to its previous glory.