Whales transfer 452,869,591 XRP to 3 major exchanges, while the market price rises by 5%

XRP prices recovered from a weekend drop as blockchain data showed multiple moves of XRP tokens to exchanges in the past few hours, raising bearish concerns.

Over the weekend, XRP moved back into the $0.43 range, influenced by Bitcoin. However, over the past day, the asset has made a notable recovery, climbing back into the $0.5 range. In particular, XRP has gained more than 5.3% and is currently priced at $0.5165.

During this recovery, Whale Alert recorded millions of dollars worth of XRP transfers from multiple unknown wallets to three top centralized exchanges: Bitvavo, Bithumb, and Bitstamp. These transactions took place in the past 24 hours.

Exchanges Receive 452M XRP

One of the earliest transactions was conducted through Bitstamp. Yesterday at 06:47:31 PM UTC, the exchange received 22 million XRP worth over $10.8 million from an anonymous wallet.

However, one more staggering XRP transfer was worth over $200 million in the last three hours. In particular, the well-known South Korean exchange Bithumb received 390,869,591 XRP worth $201,100,740 from an unknown wallet.

Within an hour of the Bithumb transfer, the Bitvavo exchange’s public wallet received 40 million XRP from an unknown wallet, with a total value of more than $20.6 million. In total, these three exchanges received 452,869,591 XRP from other exchanges in the past 24 hours. The total amount of these transactions was US$232,603,38.

These recent large-scale transfers have sparked mixed reactions from members of the crypto community. In addition, the timing has deepened people's speculation. Considering the amount, user Daniel speculated that XRP could soon see a massive sell-off.

Unknown whale

Meanwhile, further scrutiny of XRP explorer Bithomp provided some clues about the entities behind the XRP transactions.

As for the more than 390 million XRP transferred to Bithumb, the explorer pointed out that the source wallet belonged to Bithumb, indicating that this was an internal transfer. As for Bitstamp and Bitvavo, the source of XRP inflows remains unknown.

Overall, these inflows to exchanges closely follow Ripple’s decision to move 100 million XRP to an unknown wallet, sparking fears of a sell-off.

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