XRP Whale Moves Large Volume Of Funds In Hours Amid Correcting Global Cryptocurrency Market
While the trading activity on the market plunges after a 10% correction, some whales have decided to move their XRP holdings away from various exchanges, which is considered a good signal for holders.
All similar transactions
According to blockchain data, the anonymous wallet moved around $ 20 million worth of XRP coins from the Bitstamp exchange to the unknown wallet. The future of these pieces remains unknown.
The wallet that received approximately 20 million coins is now holding a total of 51 million XRP. Previously, the same wallet moved to Bitstamp the same amount of coins but divided it into two transactions each worth 10 million coins.
The unknown wallet appears to move large amounts of funds to the exchange and then withdraw almost the exact same amount of funds. Some users have suggested that the wallets are used in a mixing scheme, which is considered illegal.
But the more likely outcome is that the wallet is officially tied to the Bitstamp exchange and is being used to either provide liquidity or as an exchange’s cold wallet. But at the same time, all wallets that are owned by exchanges should be labeled.
XRP’s performance during the market downturn
In comparison to other market players, XRP has followed the general trend losing 10% of its value while recovering around 2% today. The most unfortunate fact for holders is that Ripple broke the two-month trend by falling below the $ 1 mark. At time of going to press, XRP is trading at $ 0.95.
