Whales Move 630M Tokens In 3 Hours as XRP Risks a Drop

The majority of transactions involved wallets affiliated with Bitstamp.

XRP saw a significant surge in whale transactions over the weekend. Deep-pursed addresses underwent a large-scale transfer of up to 630 million tokens in under three hours amid a market downturn threatening to batter the asset to the lows at $0.36.

Notably, Whale Alert flagged that this massive whale campaign was broken down into six separate transactions in less than 3 hours. The first whale transaction was the largest, and it involved the movement of 253 million XRP ($92.7 million) between two unidentified wallets on Sunday at 18:58 (UTC).

? ? ? ? ? ? ? ? ? 253,000,000 #XRP (95,736,191 USD) transferred from unknown wallet to unknown wallethttps://t.co/VipsqFKPkM

— Whale Alert (@whale_alert) February 26, 2023

Barely a minute after the first transaction, the recipient wallet immediately transferred 232 million XRP ($87.4 million) from the received funds to another unidentified wallet, marking the second whale movement.

? ? ? ? ? ? ? ? 232,000,000 #XRP (87,428,325 USD) transferred from unknown wallet to unknown wallethttps://t.co/M8MqaiIlJ8

— Whale Alert (@whale_alert) February 26, 2023

Three of the remaining transactions were carried out by the unidentified wallet as it sought to offload the funds to Bitstamp. All three transactions saw 140 million XRP moved to a central Bitstamp address in 12 minutes. The first involved 35 million XRP ($13.2 million), the second involved 45 million XRP ($17.1 million), and the third saw 30 million XRP ($11.3 million) moved.

Notwithstanding, the last whale transaction indexed over the weekend involved an in-house transfer between two Bitso wallet addresses. The funds worth 33 million XRP ($12.5 million) were moved on Sunday at 22:15 (UTC).

? 33,000,000 #XRP (12,598,136 USD) transferred from #Bitso to unknown wallethttps://t.co/sXfzvr1OZ0

— Whale Alert (@whale_alert) February 26, 2023

These XRP whale transactions have been persistent in recent times. As previously reported, 185 million tokens were moved last Wednesday, with Ripple accounting for 100 million and other whale addresses 85 million. Due to a massive accumulation campaign, XRP became among the top 10 purchased tokens by the 500 biggest BSC whales last week.

XRP Risks a Dip to $0.36

Meanwhile, amid the latest whale movements, XRP has not been spared in the prevailing market-wide correction. The asset faced stern rejection at $0.40 on Feb. 21 and has since traded below the point. XRP is down 0.31% in the past 24 hours, as it trades for $0.3768 as of press time.

The asset trades below the 50-day EMA, which remains at $0.384, with most indicators signaling a bearish atmosphere. If the asset slips below the decisive point at $0.3755, it could plummet to the first support level at $0.3751. In the case of further dips, the support at $0.3667 could play out.

Source