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184 Million XRP in 24 Hours – What’s Going On?
Yuri Molchan
Two major cryptocurrency exchanges have witnessed impressive XRP withdrawals in the past 24 hours
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According to data shared by cryptocurrency tracker Whale Alert, which monitors large cryptocurrency transfers in the blockchain space and shares their details on social media, in the last 24 hours, an equivalent of $111.8 million in XRP coin has been withdrawn of two large bags.
Among these transfers were millions of XRP, which were sent to Bitso and Bitstamp.
184.2 million XRP being moved
Whale Alert detected eight transfers moving large amounts of XRP. The smallest of these was worth 19,000,000 XRP (equivalent to $10,961,925). The two largest carried 26,000,000 and 26,287,782 XRP. The other carried between 21 million and 23 million XRP coins.
The total value of XRP moved amounted to 184.2 million, valued at nearly $112 million in fiat currency.
Among these massive transfers, 21,040,000 XRP was deposited into crypto unicorn and leading Latin American exchange Bitso. A total of 22,685,000 XRP was transferred to Bitstamp. Additional data shared by Bithomp shows that these two chunks of XRP were deposited from Ripple-linked wallets as part of regular efforts to support the Ripple Payments project, formerly known as On-Demand Liquidity (ODL).
Earlier this week, Whale Alert also reported a stunning phenomenon 150 Million XRP Transaction from a Ripple wallet to an unknown blockchain address. This massive transfer has raised eyebrows among many in the XRP community, prompting questions about the fate of this gargantuan transaction.
XRP Price Drops 10%
Meanwhile, in the past 24 hours, XRP has dropped by a substantial 10%, falling from $0.63459 to $0.57205. A small increase followed, pushing the Ripple-affiliated coin higher. But it has now fallen to trade at $0.57421.
This decline was preceded by a massive 16% price increase. Earlier this month, XRP saw an astonishing weekly increase of approximately 36%, which occurred between July 7 and July 13. According to a recent report published by Santiment, large crypto wallets have accumulated around 300 million XRP, thus pushing the price of the coin higher.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. He believes that blockchain and cryptocurrencies have the potential to transform the world in many aspects in the future. He has written for various crypto media outlets. His articles have been cited by crypto influencers such as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.