TL;DR
Despite the XRP’s recent price fluctuations, an uptrend in sizable orders suggests heightened activity within the XRP network. An increase in these large-scale XRP transactions has drawn notice in the crypto space — fueling speculation about potential shifts in the coin’s market dynamics.
Per data from Whale Alert, different whales — one presumed to be Ripple Labs, recently executed notable XRP transactions, raising eyebrows in the crypto community. Here’s a breakdown of the three significant transfers:
Whale Alert initially reported a total movement of 200 million XRP tokens. Detailed on-chain analysis reveals that an address associated with Ripple Labs initially sent 90 million XRP from Ripple to the wallet address “rJqiMb.” It subsequently transferred 85 million XRP to “rP4X2h.” The purpose and recipients of these transactions remain undisclosed, sparking speculation within the crypto community.
In addition to these transfers to unknown wallets, a significant whale moved 25.50 million XRP from the wallet “r4wf7enWPx…5XgwHh4Rzn” to Bitstamp, a cryptocurrency exchange based in Luxembourg.
Both Bitstamp and Bitso are the usual go-to exchanges for whales’ transactions since these exchanges are associated with Ripple. This indicates that most of these transfers are made by Ripple Labs, most likely to finance the battle against the SEC.
Despite ongoing uncertainties, some analysts are bullish on a potential XRP price breakout in the near future. As CryptoPotato reported, the famous trader EGRAG CRYPTO believes XRP could pump 40% if certain conditions are met.