A series of substantial XRP transfers has recently captured the attention of the cryptocurrency community.
Whale Alert (@whale_alert), a prominent crypto whale tracking platform on X, reported a major transaction of 586,092,812 XRP, equivalent to $296.96 million, transferred from the South Korean crypto exchange Bithumb to an unknown wallet.
This event has sparked widespread speculation and concern among investors and analysts. One user commented on the transaction, writing, “Second big buy on $XRP today. What’s cooking on that chain?” Another added , “Massive dumping this month.”
These remarks show the mixed sentiments in the community regarding the motives and potential impact of these significant movements. In addition to the aforementioned transfer, Whale Alert has documented several other large transactions over the past 24 hours.
199,999,993 XRP ($101.38 million), 200,000,043 XRP ($101.35 million), and 600,000,096 XRP ($304.14 million) were transferred from Bithumb to unknown wallets. 20,000,000 XRP ($10.23 million) was transferred from an unknown wallet to Bybit.
The frequency and volume of these transactions have raised eyebrows, particularly given the recent volatility in the cryptocurrency market. The community is keenly observing the potential implications of these moves on the price and stability of the cryptocurrency.
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Ripple’s XRP Sell-off in November
These transactions are even more notable because of Ripple’s recent activities. The company has reserved 470 million XRP for sale this month, representing the highest amount in the seven-year history of Ripple’s escrow release program.
The decision to release such a large quantity of XRP into the market has led to various speculations about the company’s strategy and plans for XRP.
Potential Reasons for Large Transactions
It is important to note the potential involvement of On-Demand Liquidity (ODL) services in these transactions. Although not publicly confirmed, many believe Bithumb is a crucial part of Ripple’s ODL corridor in Asia, connecting Japan and South Korea.
However, Bybit is not an ODL partner, and the smaller transaction involving the exchange could be a regular whale movement within the ecosystem.
These transactions are up to over 1.6 billion XRP, and this movement on the day of the U.S. elections has raised many questions. However, this has yet to affect the digital asset’s price. At press time, the digital asset traded at $0.5124, down 0.24% over the past 24 hours.
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