Millions Of XRP Tokens Moved By Whales As Market Looks To Rebound

Many large transactions of Ripple native token XRP had shown on the blockchain before the market rebound began following the recent crash. The funds involved in the transaction sum up to over $75 million. There were about three of these large transactions. The transactions were observed many hours before the crypto markets began to bounce back. The native Ripple token was trading at around 80 cents without any significant shift in price action. 

Details Of The Transaction

One of the transactions saw about 40 million XRP move from a known wallet of the company to an undisclosed wallet currently holding 30 million XRP. The coins sent from the official wallet did not stay there long. The XRP was sent to another wallet before being put on a centralized exchange. Whale Alert disclosed the transaction on their website today. Members of the Ripple community are working assuming that the payment solution company wanted to sell their tokens discreetly.

The next transaction was more straightforward than the previous one that needed to channel funds through a couple of anonymous wallets first. In this transaction, an unknown whale moved 20 million XRP of his holdings to the Bitso exchange, according to the information from Whale Alert. The whale’s wallet, however, received about the same number of tokens moments later.

The details reveal that the whale took just over 18 million tokens out of the exchange and back into his wallet. About 1.8 million tokens remain on the exchange’s wallet. The purpose of this strange token movement is still uncertain.

The XRP tokens price has not been affected by the movement yet. The tokens are still hovering around the same price range of 80 cents. XRP token is not the only one experiencing a lot of whale movement.

Whale Accumulation And Market Rebound

The market dip has persisted, and certain large investors have decided to keep buying the dip. Just days ago, the president of El Salvador disclosed that the country had increased its reserves in Bitcoin purchasing as prices dropped below the $50k level.

The whales may be buying to curtail their losses when the market recovers or make more profit when the opportunity comes to sell high. The price action didn’t seem to react to the bullish pressure that showed up yesterday. However, whale tracking services picked it up immediately

Whale Alert disclosed yesterday that a whale had moved 24,000 ETH worth about $100,000,000 away from the Gemini exchange to their private wallet. The wallet seems to be very active and is suspected by some to belong to an exchange. None of these suspicions have been confirmed.

Shiba Inu also received some love today. The token is known for its community of people that consistently buy the dip. The token usually sees a lot of capital inflow within these periods. This morning a known BNB whale purchased close to a hundred billion SHIB. The purchase amounts to almost $4 million.

The increased market swings have also led to increased whale activity tracked by whale tracking services. The value of the transactions being tracked has also gotten higher. The values have risen by over 80% in recent times.