A notable XRP whale has made a significant transaction that turned heads in the crypto market, shifting 50 million XRP tokens to two centralized exchanges. The move which coincides with a price decline has sparked discussions and speculations among investors.
Over the past few months, many XRP tokens have been moved across wallets and CEXs. While some are cash-out moves, others are accumulations, a testament to the long-term confidence in the tokens’ future among investors.
50 Million XRP Tokens on the Move
Meanwhile, popular crypto large transaction tracker, WhaleAlert, reported that it had spotted more than 50 million XRP changing hands in the last 24 hours. According to the data shared, the whale moved the aforementioned number of tokens in two separate transactions.
The first transaction which happened some hours ago from the time of writing, moved a staggering 29,140,000 (29.14 million) XRP tokens to the Bitstamp crypto exchange. The transaction was valued at $15,413,660 ($15.4 million) at the time.
29,140,000 #XRP (15,413,660 USD) transferred from unknown wallet to #Bitstamphttps://t.co/Sx1WIA8OPz
— Whale Alert (@whale_alert) May 22, 2024
Shortly after, the second transaction was initiated, transferring exactly 21,640,000 (21.6 million) XRP tokens to the Mexico-based exchange Bitso. At the time, the transaction was worth $11,446,459 ($11.4 million). The particular exchanges involved add to the speculations about the reasons behind the action.
The Luxembourg-based exchange Bitstamp has received huge amounts of XRP tokens over the past months, especially after the blockchain firm Ripple acquired an undisclosed stake in the company. Bitso Exchange has also received large amounts of XRP following its partnership with the blockchain giant.
Whale Makes Move Right After Ripple’s Positive News
The timing of the recent transaction adds another layer of curiosity to the possible reason. Earlier today, pro-XRP lawyer Bill Morgan highlighted Judge Torres’ influence on FIT21 (Financial Innovation and Technology for the 21st Century Act) which states that “A digital asset sold or transferred or intended to be sold or transferred pursuant to an investment contract is not and does not become a security as a result of being sold or otherwise transferred pursuant to that investment contract.”
The Ripple v. SEC litigation may be significantly altered by this development, and the whale activity surrounding it has further echoed a speculative buzz throughout the cryptocurrency space.
XRP Price Movements
Meanwhile, the price of XRP has suffered a hit over the last day. According to data from CoinMarketCap, XRP is currently changing hands at $0.52, representing a 1.41% decrease within the recorded time. What is more, the volume in the last 24 hours has declined significantly by 35% to $1.13 billion.
Also, the token has traded between the lows and highs of $0.5234 and $0.5386 in the last 24 hours. Ultimately, investors’ pessimism heightened when the Futures and Options open interest fell 1.18% to $620.54 million and the derivatives volume dropped 40.73% to $686.15 million.
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