- Bitvavo, Bithumb, and Bitstamp have received over 452 million XRP from unknown wallets.
- The transactions occur amid XRP regaining the $0.5 range with a 6% gain.
- The timing of these transactions has fueled speculation of a potential big dump in XRP.
Whale Alert has detected a flurry of XRP movements to exchanges in the past few hours, triggering concerns of bearish sentiment amid recent gains for XRP. Within the past 24 hours, Whale Alert has documented the transfer of 452 million XRP from various undisclosed wallets to major centralized exchanges Bitvavo, Bithumb, and Bitstamp.
The first transfer occurred via Bitstamp, where the exchange received a deposit of 22 million XRP from an undisclosed wallet valued at over $10.8 million. While the Bitstamp deposit occurred last night, a significantly larger movement of XRP has emerged within the past three hours.
Specifically, the South Korean exchange Bithumb received 390,869,591 XRP from an unidentified wallet at 06:47 UTC today.
Interestingly, two hours after this notable transfer to Bithumb, the Bitvavo exchange received a total of 40 million XRP in two separate transactions. Similarly, the funds came from undisclosed wallets valued at over $20 million each.
Collectively, over the last 24 hours, these three exchanges have received 452,869,591 XRP from various sources. These transactions represent a substantial monetary value exceeding $232 million.
These large-scale XRP transactions have elicited mixed reactions from crypto community members, especially since all the sources are labeled “unknown wallets.” Additionally, the timing of these transactions has fueled speculation of a potential massive dump for XRP’s value amid recent gains.
Notably, in the last 24 hours, XRP has reasserted itself within the $0.5 range with a 6% gain. This resurgence follows a significant setback on Saturday, where XRP experienced a decline of over 21%, plummeting to the $0.43 range.
Now, amid this recovery, whales are moving XRP to exchange, which has bearish implications for the asset. Meanwhile, upon closer examination using the XRP Explorer Bithomp, minimal insights emerged regarding the entities involved in the XRP transactions.
Regarding the transfer of over 390 million XRP to Bithumb, the explorer indicated that the source wallet belongs to Bithumb, suggesting an internal exchange movement. However, for transactions involving Bitstamp and Bitvavo, the source of the XRP information remains undisclosed.
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