XRP Whales Move $759M In Token: What Are They Up To?

[Ben Graham]

On-chain data shows the XRP whales have transferred significant amounts in the asset during the past day. Here’s where the coins are heading.

XRP Whales Have Just Made Two Large Transactions

According to data from cryptocurrency transaction tracker service Whale Alert, two massive transfers have been spotted on the XRP blockchain in the last 24 hours.

Both of these moves were of a scale that can be associated to the whales, entities that carry significant amounts in their wallets. Due to their size, these investors can hold some degree of influence on the network, so their transfers can be worth keeping an eye on. They may not always directly affect the asset, but they can still sometimes be revealing about the sentiment among the cohort.

That said, it’s only possible to speculate on transactions when they involve at least one wallet that’s identifiable. Cryptocurrency networks are, after all, anonymous by nature, so a lot of transfers don’t hold any meaningful information.

The older of the two XRP whale transfers from the past day, which also happens to be the much more massive of the two, was unfortunately of the type with no known addresses.

As is visible above, the transfer involved around 200 million XRP, worth a whopping $700.6 million at the time that the move was executed on the blockchain. The transaction occurred between two unknown wallets, meaning that they were likely to have been self-custodial addresses.

As mentioned before, it’s hard to infer anything from moves like these, as they can have any underlying reason, ranging from something as simple as a change of wallets to a peer-to-peer (P2P) sale.

The second whale transfer for the day, however, was different. Below are the details associated with this move.

This transaction, which saw the movement of 16.8 million tokens of the asset (about $58.3 million), had an unknown wallet as the sender, but on its receiving end was an address associated with cryptocurrency exchange Coinbase.

Moves of this type, where coins flow from a self-custodial wallet to a centralize exchange, are called Exchange Inflows. Generally, holders deposit their coins to these platforms when they want to make use of one of the services that they provide, which can include selling. As such, Exchange Inflows can sometimes prove to be bearish for the cryptocurrency’s price.

Given that the whale has made this transaction following a surge in XRP, it’s possible that profit-taking may have been the motive behind it.

XRP Price

At the time of writing, XRP is trading around $3.27, up over 9% in the last week.