XRP Whale 104,156,526 XRP Transfer Spotted On-Chain, Leading to a Sharp 3.9% Price Drop
In a recent large-scale transfer on the XRPL network, 104,156,546 XRP, valued at approximately $59,019,563, was moved. This transaction, detected by the Whale Alert service, took place on Sunday, August 11, at 15:04:10 UTC.
Following this transfer, XRP experienced a 3.9% decrease in the last 24 hours but saw an increase of over 20% in the past seven days, bringing its price to $0.5681 at the time of this report.
Read Also: Terra Luna Classic Skyrockets 23.3% Despite Long Liquidation and Sentiment
Whale Enormous Transaction
Whale Alert identified this transaction as part of a series of significant XRP transfers between unidentified wallets. The sender’s wallet has been active in previous transactions, including a notable transfer of 2.250 million XRP.
Notably, the sender’s wallet received an even larger transfer of 106.407 million XRP on August 9, 2024, leading to speculation about the motivations behind these substantial movements.
Significant Impact on the Market
Whale activities significantly impact market sentiment, often causing price fluctuations. For example, on August 5, 2024, a new wallet executed a transaction, moving 2.8 million XRP to another new wallet. This was followed by a larger transfer of 95,678,794 XRP, valued at $50,622,428, which coincided with a noticeable drop in XRP’s value during a bearish market phase.
Whale Activity Trend
This recent surge in whale activity is part of a larger trend observed over the past few months. In May 2024, Santiment reported that XRP whales had accumulated 3.17 billion tokens, leading to increased network activity. This accumulation was accompanied by significant transactions, including the acquisition of 540 million XRP, valued at over $270 million, within five weeks. Additionally, there were reports of active accumulation by whales and sharks in Bitcoin, Ethereum, XRP, and Chainlink during the same period.
Read Also: Shiba Inu Sees 8% Decline – Will $0.000012 Support Level Hold Firm?
Follow us on Twitter, Facebook, Telegram, and Google News
Michael Onche: Crypto aficionado and seasoned analyst. With a keen eye for market trends and a passion for blockchain technology, he deciphers the intricacies of cryptocurrency with precision. Michael’s expertise and insightful content make him a trusted guide for navigating the dynamic world of digital assets.
