XRP Moved to New Destination as Price Drops: Details

Millions of XRP have been transferred to new destinations in the previous 24 hours, according to crypto data tracker Whale Alert.

Whale Alert detects two transactions totaling 54.7 million XRP. A total of 23.7 million XRP worth $11,502,941 was transferred from an unknown wallet to Bitso in a single transaction. Another transaction was the transfer of 31.2 million XRP worth $15,149,324 from an unknown wallet to Bitstamp.

XRP prices have plummeted in the past week, rendering a crucial support level for the altcoin meaningless. If today ends in the negative, it will be the altcoin’s sixth consecutive day of losses.

As a result, XRP has reversed the gains it made after Judge Torres refused the SEC’s request for an interlocutory appeal.

XRP has also reversed the entirety of the gains it achieved when Judge Torres issued a summary judgment verdict in favor of Ripple. Coincidentally, the fifth-largest cryptocurrency now trades at roughly the same level as before Judge Torres’ groundbreaking judgment on July 13, which caused its price to nearly double.

XRP was down 1.83% in the last 24 hours to $0.478 at the time of writing.

XRP Ledger is witnessing less whale activity this year compared to 2021 and 2022, according to on-chain analytics firm Santiment.

XRP Ledger sees 400 large transactions (those above $100,000 worth) each week on average, whereas XRP wallets with 100,000 to 100 million XRP own 26.8% of the supply, or $7.89 billion. This marks an increase above the previous year’s total of $7.16 billion. 

About the author

Tomiwabold Olajide