Large wallets move significant volumes of XRP as the market tumbles down
The unusual activity of large XRP wallets was noticed on-chain a few hours ago, as $30 million worth of coins were moved within minutes, according to transaction tracking bot Whale Alert.
According to tweets, two transactions tied to the Bitstamp exchange appeared on Feb. 22. As the transaction page suggests, the unknown wallet has transferred 20 million XRP valued at $14.2 million at transaction time.
The unknown wallet that moved the large number of funds to Bitstamp currently only holds 45 XRP and is most likely linked to the Bitstamp exchange, as it constantly receives a large number of transactions from the exchange and is not in contact with other XRP wallets.
The second transaction was made from Bitstamp exchange to another anonymous wallet that currently holds 111 million XRP and is either owned by an exchange or a large anonymous whale that actively trades on the Bithumb exchange.
The performance of XRP on the market
Following the general trend in the cryptocurrency market, XRP has lost at least 17% of its previously acquired value. Unfortunate market conditions led to the drop below $0.7 for the second time since the summer of 2021.
But while the majority of market participants are pushing the price of the asset down, XRP was still able to break through the significant selling pressure present previously on the market. From Feb. 3 to Feb. 10, XRP has gained at least 20% to its value despite the downtrend that began in November.
At press time, XRP is trading at $0.7 with a daily drawdown at $0.65. The almost imperceptible correction crossed the market as the majority of assets entered the oversold zone.
