In recent events, two unidentified entities (often referred to as “whales” in crypto parlance) moved an astonishing 850 million XRP from the EU-based Bitvavo cryptocurrency exchange. Whale Alert, a crypto tracking service, noticed the massive transfers; the first happened on Friday, and the second followed shortly after.
XRP Transfers Detected
Two significant transfers were noted. The first one involved 425,118,503 XRP, equivalent to roughly $224.9 million. A similarly large amount of XRP (around 425.9 million coins) was moved from Bitvavo on Friday, August 25. In total, over 950 million XRP, close to a billion, was shifted to undisclosed digital wallets from the Bitvavo platform.
Why were XRP Tokens Moved?
Though the amounts being moved raised eyebrows, insights from the XRP-focused Bithomp platform reveal a different story. Both huge XRP transfers apparently went to addresses linked to Bitvavo. This suggests that Bitvavo might simply be reallocating its XRP holdings among its internal wallets.
Another Major Movement
Whale Alert also identified another significant transfer, but this one was directed to a different major EU exchange, Bitstamp. Around 28.4 million XRP (worth about $14.9 million) was deposited, likely in preparation for a sale.
What’s Happening to XRP?
Amid these large transfers, XRP’s price experienced a slight dip, declining by approximately 2.34% in the last 24 hours.
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