XRP has seen its ups and downs over the past few months, ranging from a partial victory for Ripple in court to a 70% price jump to whales and retail investors taking profits after the price surge. Now, on-chain data has revealed that XRP’s big money players have made several interesting transactions this month, with whales moving over 1.7 billion XRP worth $899,530,325.
August saw pressure on XRP price from whale movement
According to on-chain data, a total of 1.7 billion XRP worth over $899 million were moved by some of the largest XRP holders in August. These types of whale activities generate curiosity among investors. Some see this as a bearish signal for the price of XRP, as these transactions have the potential to put some pressure on XRP in anticipation of a potentially large selloff.
Data from Whale_Alerts has shown a variety of whale activity in August. Latest transaction came a few hours ago424,018,481 XRP worth $225,957,060 transferred between unknown wallets.
Bitstamp, in particular, received a flurry A total of over 85,200,000 XRP worth of XRP came from unknown wallets between August 27 and 29. Another crypto exchange BitVavo recorded various XRP whale transactions in the month. In on an example On August 27, 425,118,503 XRP worth $224,906,760 left the exchange in an unknown wallet.
However, an XRP investor claims to have traced the source of the massive transfer on Bitvavo. investor explained that coins The exchange has moved back and forth several times since 2020 and the latest transfer was to an address controlled by Bitvavo.
The token price has recovered above $0.52. Source: XRPUSD on Tradingview.com
800 million XRP returned to escrow
A high volume of XRP whale movement came from Ripple itself. On August 1st, the blockchain technology company returned XRP tokens to its escrow wallet shortly after a periodic unlock. Ripple periodically unlocks 1 billion XRP tokens to increase the number of tokens in circulation.
On-chain data from whale_alerts also shows that 300 million XRP tokens worth $209 million were locked in Ripple’s escrow wallets on August 1st. Shortly afterwards, on-chain trackers revealed that another 500 million XRP tokens worth $349,458,791 had been locked up. Locked back in escrow.
Although XRP is currently up 2% due to the current buying pressure on Bitcoin, the cryptocurrency is down 24.61% in the past month. However, XRP trading volume has increased by 115.03% in the last 24 hours.
Featured Image from Unsplash, Chart from Tradingview.com
source: www.newsbtc.com
