XRP touched a high of $0.41 on Sunday before briefly retracing in price on Monday. The cryptocurrency is looking to break through from its current levels and catapult to $0.45 in the next leg. The markets are in favor of a rally and XRP seems to be consolidating in price before getting a push in the indices. Whale activity into XRP has seen a rise this year as the rich list is purchasing and transferring millions of tokens.
During the weekend, whales moved 319,500,000 XRP tokens worth a staggering $126 million. The tokens were moved from both cryptocurrency exchanges and decentralized wallet addresses.
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Did Whales Dump Millions Worth of XRP Tokens?
According to data from WhaleAlert, the whales have transferred the tokens to unknown private wallet addresses and Bitstamp. Below is the breakdown of the transfers worth millions.
A whale moved 205,500,000 XRP worth $81.7 million from an unknown wallet address to another unknown wallet address. The transfer was initiated in a single transaction on Sunday.
The second whale transferred 40,000,000 XRP worth $15.9 million from the cryptocurrency exchange Bitson to a private wallet address.
The third whale moved 41,000,000 XRP worth $16.2 million and transferred from an unknown private wallet address to the Bitstamp cryptocurrency exchange.
Finally, the fourth whale transferred 32,043,479 XRP worth $13.0 million from Binance exchange to an unknown wallet.
In total, the whales moved 319 million XRP worth $126 million during the first week of February 2023.
Whale purchases also experienced a sharp spike in The Sandbox (SAND) during the weekend. The whale entry into SAND comes at a time when gaming-related cryptocurrencies doubled and tripled in price this year. Gaming-related tokens are the highest earners of 2023 giving phenomenal profits to investors in just 35 days. You can read more details about it here.
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At press time, XRP was trading at $0.40 and is down 1.9% in the 24-hour day trade. It is also down 87% from its all-time high of $3.40, which it reached in January 2018.