© Reuters
In a significant move in the cryptocurrency market, over 59 million XRP was reshuffled by whale accounts today. The activity was initially reported by CoinGape and News and confirmed by Whale Alert, which monitors large cryptocurrency transactions.
Data showed that unknown wallets largely participated in these transactions, sending over 38 million XRP to centralized exchanges, particularly Bitso and Bitstamp. At the same time, around 21 million XRP was transferred from Upbit, a centralized exchange, to an undisclosed wallet.
These transactions have sparked mixed market sentiments for XRP. The transfer of around 38 million XRP to centralized exchanges increased the number of tokens in circulation, suggesting bearish sentiment for the cryptocurrency. On the other hand, the movement of 21 million tokens out of Upbit indicated a decrease in circulation, which suggests bullish sentiment.
Interestingly, despite an 11.99% drop in trading volume to 1.96 billion, the price of XRP increased slightly to $0.6966 today. This price change follows a weekly rise of almost 15.52%, which aligns with Ripple Lab’s successful confrontation with the United States Securities and Exchange Commission (SEC) and its involvement in global projects of central bank digital currency (CBDC).
The reshuffling of such a large amount of XRP has piqued the interest of cryptocurrency traders and investors, who are closely monitoring potential impacts on market dynamics and the price of XRP.
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