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In the world of cryptocurrencies, another significant development took place. An XRP whale made a major transaction, transferring millions of dollars worth of XRP coins to the exchange in the last 24 hours. This situation brought an increase in XRP whale activity and sparked rumors about the potential price of the altcoin and its impact on the crypto market.
XRP Coin Transfer
On Tuesday, a large transaction was carried out by an unidentified whale. This mysterious wallet sent approximately 27.7 million XRP tokens, with a market value of about $16.26 million, to the Europe-based cryptocurrency exchange Bitstamp.
The transaction was caught by Whale Alert, known for tracking whale activities on the blockchain. However, it has not yet been verified whether the whale is an individual or a company.
Furthermore, according to another statement by Whale Alert, at least 800 million of the XRP tokens unlocked on January 1st were directly deposited into custody at Ripple without being traded. Ripple still holds more than 50% of the total supply of XRP as of today.
Many cryptocurrency investors and followers continue to argue that Ripple has a more centralized structure compared to its blockchain competitors.
The incredible transaction involving more than 27 million XRP tokens was not the first of its kind. Whale Alert had previously informed about multiple transactions involving XRP. More importantly, these transactions showed that whales had offloaded a significant portion of their XRP holdings last year.
In the last months of the previous year, whales had regularly sent millions of XRP to exchanges, causing fear to dominate the market.
How Much Is XRP Worth?
The continuous transfer of XRP tokens to exchanges could mean that investors are planning to sell their XRP holdings. However, it has become difficult to determine what happens to the asset after being sent to exchanges, increasing uncertainty.
As of the time of writing, the XRP price has seen a decrease of 0.48% in the last 24 hours, trading at $0.6263. The moves by XRP whales could be interpreted as an attempt to realize profits amid the recent price increase.
Especially since XRP continues to trade well below its all-time high (ATH) level of $3.84 reached in January 2018. Meanwhile, the trading volume has risen by 68% to $1.3 billion in the last 24 hours. The current market cap of XRP is at $33.9 billion, with its market value showing an increase of 0.86% in the last 24 hours.
