Over the past 48 hours, the XRP market has seen a significant amount of massive trading volume, which has attracted a lot of attention from the general crypto sector. according to data from blockchain tracker whale alertXRP whales conducted transactions involving over one billion XRP on Friday, September 1st.
Ripple moves 75 million XRP to unknown wallet in whale buying spree
Through a series of posts from Whale Alert on the social media platform X (formerly Twitter), it can be estimated that the XRP market saw four major whale transactions.
The largest of these transactions was the transfer of 424,354,912 XRP – worth $214,293,666 – from one unknown wallet to another. In this context, unknown wallets refer to addresses that have no connection to a crypto exchange.
In addition, of XRP worth $10,167,904, 19,920,318 XRP was transferred from another unknown wallet to the Binance exchange. It was also noted that a whale moved 66,666,659 XRP worth $33,065,809 from an unknown wallet to the Binance exchange.
However, the most notable transaction that caught the attention of most traders came from Ripple, the company behind the XRP cryptocurrency.
🚨 🚨 75,000,000 #XRP (37,058,145 USD) transferred from #Wave to unknown wallet
– Whale Alert (@whale_alert) 1 September 2023
whale alert informed of Ripple moved 75,000,000 XRP worth $37,058,145 from his Binance wallet to an unknown wallet.
Following this move, some crypto enthusiasts believe that this particular unknown wallet also belongs to Ripple, as the company may intend to list those tokens on the exchange soon. Due to this speculation, most of the investors have predicted further decline in the market.
Ripple also made other transactions on September 1st, locking up approximately 800,000,000 XRP in escrow.
However, this does not cause concern as the crypto payments firm is known to issue 1,000,000,000 XRP at the beginning of each month before moving on to lock up approximately 80% of the new tokens a few hours later.
XRP records highest transaction volume in 7 months, among other positives
Following massive trading in the XRP market, on-chain analytics firm Sentiment has provided a report highlighting some of the implications of these whale movements.
According to An X post on September 1st, Sentiment reported an on-chain transaction volume of 4.8 billion XRP, the seventh highest value by this metric in the XRP market over the past seven months.
The analytics firm also noted that there are currently approximately 2.03 billion XRP in circulation, representing the highest-circulating supply of the token since May 31. Furthermore, XRP development activity was also reported to be at a higher level.
At the time of writing, XRP is still struggling amid a general market downturn. According to CoinMarketCap data, the fifth-largest cryptocurrency is trading at $0.4983 with a loss of 1.88% on the last day.
XRP Trading on the XRPUSD on the Daily Chart | Source: XRPUSD chart on Tradingview.com
Featured image from Unsplash, chart from TradingView.
source: www.newsbtc.com
