Crypto News- At a time when XRP’s metrics reflect subdued market sentiment, recent transactions, highlighted by Whale Alert, have sparked questions about the strategic motives behind whale movements. Despite a 3.15% increase, with XRP trading at $0.6442, the nature of these sizable transactions prompts scrutiny.
Over 44 Million XRP Transferred as Traders Seek to Navigate Liquidity Squeeze
The smaller transaction involved the transfer of 20,000,000 XRP, valued at $13,044,810, originating from Bitvavo Exchange. Interestingly, the receiving wallet belongs to an unregistered user but has been active since June 16.
In contrast, the larger XRP transaction featured 24,500,000 XRP, worth $15,312,871 at $0.6250 per coin. Ripple Labs activated this sending address in January, and historical data reveals a pattern of sending funds to major exchanges, with Bitstamp and Bitso being prominent recipients.
Against the backdrop of a 40% drop in XRP’s trading volume to $2,022,772,385, speculations arise that the first whale moved funds from Bitvavo to sidestep the liquidity crunch affecting the market. The recent movement of Ripple’s funds suggests potential liquidation to fortify the blockchain payments firm’s operational capabilities.
In addition to the noteworthy whale transactions, XRP has garnered attention recently due to the BlackRock XRP ETF hoax. The filing for an XRP ETF has captured the scrutiny of regulatory authorities. Importantly, the negative publicity surrounding this incident is considered a contributing factor to why the coin relinquished its earlier gains.