In the past two days, the XRP market has witnessed a series of large-scale transactions, capturing the attention of the crypto community. According to data from blockchain tracker Whale Alert, XRP whales conducted transactions involving over a billion XRP on Friday, September 1st.
Whale Alert, a popular social media platform formerly known as Twitter, reported four major whale transactions in the XRP market. The largest of these transactions involved the transfer of 424,354,912 XRP, valued at $214,293,666, from one unknown wallet to another. It’s important to note that unknown wallets refer to addresses with no affiliation to a crypto exchange.
Another significant transaction involved the movement of 19,920,318 XRP, worth $10,167,904, from another unknown wallet to the Binance exchange. Additionally, a whale transferred 66,666,659 XRP, worth $33,065,809, from an unknown wallet to the Binance exchange.
However, the most notable transaction that caught the attention of many traders came from Ripple, the company behind the XRP cryptocurrency. Ripple transferred 75,000,000 XRP, worth $37,058,145, from its Binance wallet to an unknown wallet. Speculation arose that this unknown wallet may also belong to Ripple, suggesting that the company might be preparing to sell these tokens on an exchange. This speculation has led to predictions of an impending market dump.
On September 1st, Ripple also conducted other transactions, locking about 800,000,000 XRP in escrow. This action, however, does not raise concerns as the crypto payment firm is known to release 1,000,000,000 XRP at the beginning of each month before locking up approximately 80% of the new tokens a few hours later.
Following these significant transactions in the XRP market, on-chain analytics firm Santiment provided a report highlighting the effects of these whale movements. Santiment reported an on-chain transaction volume of 4.8 billion XRP, marking the seventh-highest value of this metric in the XRP market over the last seven months. The analytics firm also noted that there are currently about 2.03 billion XRP in circulation, representing the highest circulating supply of the token since May 31st. Additionally, XRP development activity was reported to be on the rise.
However, despite these positive indicators, XRP still faces struggles amidst a general market downturn. According to data from CoinMarketCap, the fifth-largest cryptocurrency is currently trading at $0.4983, experiencing a 1.88% loss in the last day.
In conclusion, the XRP market recently witnessed a series of significant whale transactions, including transfers from unknown wallets and transactions conducted by Ripple itself. These transactions have sparked speculation and predictions of an impending market dump. On-chain analytics firm Santiment reported positive indicators such as high transaction volume and increased development activity. However, XRP continues to face challenges amid a broader market downturn.
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