{"id":28945,"date":"2023-08-30T15:52:39","date_gmt":"2023-08-30T19:52:39","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=28945"},"modified":"2023-08-30T15:52:39","modified_gmt":"2023-08-30T19:52:39","slug":"large-transactions-put-xrp-price-under-pressure-are-whales-making-an-exit","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/30\/large-transactions-put-xrp-price-under-pressure-are-whales-making-an-exit\/","title":{"rendered":"Large Transactions Put XRP Price Under Pressure: Are Whales Making An Exit?"},"content":{"rendered":"

XRP has had its ups and downs in the past few months, ranging from a 70% price spike<\/a> from Ripple\u2019s partial victory<\/a> in court to whales and retail investors taking profit<\/a> after the price pump. Now, on-chain data has shown that XRP big money players have made many interesting transactions this month, with whales transferring over 1.7 billion XRP worth $899,530,325.\u00a0<\/p>\n

XRP Price Sees Pressure From Whale Movement In August<\/h2>\n

According to on-chain data, a total of 1.7 billion XRP, worth over $899 million, were moved by some of the largest XRP holders in August. Whale movements of this nature tend to generate curiosity among investors. Some see it as a bearish signal for the XRP\u2019s price, as these transactions have the potential to put some downward pressure on XRP due to fears of possible large sell-offs.\u00a0<\/p>\n

Data from Whale_Alerts have shown various whale movements in August. The latest transaction came hours ago<\/a>, with 424,018,481 XRP worth $225,957,060 transferred between unknown wallets.\u00a0\u00a0\u00a0<\/p>\n

Bitstamp, in particular, received a flurry<\/a> of XRP from unknown wallets, totaling more than 85,200,000 XRP between August 27 and 29. Bitvavo, another crypto exchange, recorded various XRP whale transactions in the month. In one instance on<\/a> August 27th, 425,118,503 XRP worth $224,906,760 left the exchange to an unknown wallet.\u00a0<\/p>\n

However, one XRP investor claims to have tracked out the source of the massive transfers on Bitvavo. The investor explained that the coins<\/a> have been moved back and forth the exchange many times since 2020 and the latest transfer was to an address controlled by Bitvavo.<\/p>\n\n

Return Of 800 Million XRP to Escrow<\/h2>\n

A high volume of the XRP whale movement came from Ripple itself. On August 1, the blockchain technology company returned XRP tokens<\/a> to its escrow wallet just after carrying out its periodical unlock. Ripple periodically unlocks 1 billion XRP tokens to increase the number of tokens in circulation.\u00a0<\/p>\n

On-chain data from Whale_Alerts also show that 300 million XRP tokens, with a value of $209 million, were locked in Ripple\u2019s Escrow wallet on August 1. Shortly after, the on-chain tracker revealed that a further 500 million XRP tokens worth $349,458,791 were locked back into escrow.<\/p>\n

Although XRP is currently up by 2% due to the current buying pressure on Bitcoin, the cryptocurrency is down by 24.61% in the past month. However, XRP trading volume has spiked 115.03% in the past 24 hours.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

XRP has had its ups and downs in the past few months, ranging from a 70% price spike<\/a> from Ripple\u2019s partial victory<\/a> in court to whales and retail investors taking profit<\/a> after the price pump. Now, on-chain data has shown that XRP big money players have made many interesting transactions this month, with whales transferring over 1.7 billion XRP worth $899,530,325.\u00a0<\/p>\n

XRP Price Sees Pressure From Whale Movement In August<\/h2>\n

According to on-chain data, a total of 1.7 billion XRP, worth over $899 million, were moved by some of the largest XRP holders in August. Whale movements of this nature tend to generate curiosity among investors. Some see it as a bearish signal for the XRP\u2019s price, as these transactions have the potential to put some downward pressure on XRP due to fears of possible large sell-offs.\u00a0<\/p>\n

Data from Whale_Alerts have shown various whale movements in August. The latest transaction came hours ago<\/a>, with 424,018,481 XRP worth $225,957,060 transferred between unknown wallets.\u00a0\u00a0\u00a0<\/p>\n

Bitstamp, in particular, received a flurry<\/a> of XRP from unknown wallets, totaling more than 85,200,000 XRP between August 27 and 29. Bitvavo, another crypto exchange, recorded various XRP whale transactions in the month. In one instance on<\/a> August 27th, 425,118,503 XRP worth $224,906,760 left the exchange to an unknown wallet.\u00a0<\/p>\n

However, one XRP investor claims to have tracked out the source of the massive transfers on Bitvavo. The investor explained that the coins<\/a> have been moved back and forth the exchange many times since 2020 and the latest transfer was to an address controlled by Bitvavo.<\/p>\n

Return Of 800 Million XRP to Escrow<\/h2>\n

A high volume of the XRP whale movement came from Ripple itself. On August 1, the blockchain technology company returned XRP tokens<\/a> to its escrow wallet just after carrying out its periodical unlock. Ripple periodically unlocks 1 billion XRP tokens to increase the number of tokens in circulation.\u00a0<\/p>\n

On-chain data from Whale_Alerts also show that 300 million XRP tokens, with a value of $209 million, were locked in Ripple\u2019s Escrow wallet on August 1. Shortly after, the on-chain tracker revealed that a further 500 million XRP tokens worth $349,458,791 were locked back into escrow.<\/p>\n

Although XRP is currently up by 2% due to the current buying pressure on Bitcoin, the cryptocurrency is down by 24.61% in the past month. However, XRP trading volume has spiked 115.03% in the past 24 hours.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-28945","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28945","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=28945"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28945\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28945"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}