- XRP’s trading volume skyrockets by 58% in 24 hours, exceeding $1.02 billion.
- Whale Alert reports a massive 409.7 million XRP transfer from Bitvavo to an unknown wallet.
- Ripple, Bitvavo, Bitstamp, Bitso, Upbit, and Crypto.com have moved 1.07 billion XRP this month.
Over the past 24 hours, the trading volume of XRP has surged by 58.23% as traders engaged in transactions involving more than $1.02 billion worth of XRP. This notable increase in trading activity aligns with significant movements of XRP orchestrated by prominent crypto investors.
In particular, Whale Alert, a reputable platform for tracking large-scale crypto transactions, has reported that 409,776,402 XRP has left the Bitvavo exchange to another wallet. At the time of the movement, the transaction was worth $201,627,816.
What sparked intrigue among crypto market participants was the destination of the nearly half a billion XRP tokens. According to Whale Alert’s report, the substantial tokens were moved to a new, unknown address.
While blockchain data suggests the source of the 409.7 million XRP was the exchange itself, it is unclear if the receiver address also belongs to Bitvavo. Meanwhile, Bitvavo is not the only significant player moving XRP en masse recently. In the last 24 hours, 30 million XRP worth $14.95 million was moved from an unknown address to the Bitstamp exchange.
In parallel, Ripple, the payment firm associated with XRP, moved 75 million XRP valued at $36.92 million to an untagged address on Monday. Ripple’s XRP movement particularly sparked reactions, with some alleging the firm was again selling XRP, while others believed it was to fulfill On-Demand Liquidity requirements.
The previous week, Ripple similarly moved 60 million XRP to unknown wallets. So far this month, the major crypto entities that have moved XRP tokens in and out of unknown wallets include crypto exchanges Bitso, Upbit, and Crypto.com. Cumulatively, these whales have moved 1,077,176,402 XRP worth over $528 million.
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