Whales Move Millions in XRP As Price Holds Recent Gains

Vignesh Karunanidhi
Whales Move Millions in XRP As Price Holds Recent Gains
Source: Binance Academy

On-chain tracker Whale Alert has detected large daily XRP transactions from anonymous crypto whales transferring funds to and from exchanges.

According to Whale Alert, over 55.3 million XRP, worth tens of millions of dollars, were recently shuffled between wallets and platforms. One transaction saw 30 million XRP withdrawn from Bybit to an unknown wallet, while 25.3 million XRP was sent to exchange Bitstamp.

Data indicates the Bitstamp transfer originated from a wallet linked to fintech firm Ripple. Bitstamp is among the platforms collaborating with Ripple on its On-Demand Liquidity cross-border payments solution utilizing XRP.

Ripple-connected wallets have made frequent transfers to crypto exchanges Bitstamp and Bitso in recent months as part of the company’s ongoing business operations.

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The major whale movements come as Ripple has posted gains above 2.4% over the past 24 hours. The price rise took the coin to highs around $0.611 before settling near $0.59, holding most of its recent rally.

Ripple and other cryptos saw increased volatility this past weekend amid overall bullish sentiment. Active traders may be taking profits or repositioning ahead of the next potential market swing.