Whales have moved over 234M XRP in the past 24 hours between exchanges amidst market uncertainties, as the value sees a 17% decline in a day.
The markets are experiencing a massive bloodbath, and XRP has not been spared in the carnage. Following an encouraging start for the week, the crypto markets have hit a tremendous roadblock, as several assets shed off gains picked up in the past seven days. XRP has been caught up in the slaughter, as whale movements see an uptick, with over 234M moved between exchanges within a day.
Blockchain tracking and analytics platform Whale Alert has, in the past 24 hours, highlighted several whale transactions involving XRP. These transactions have cumulatively moved 234.5M XRP in the past 24 hours. The latest transaction involved a massive outflow from Binance to an unknown wallet of 30M XRP, worth about $11.5M.
This outflow followed a previous transaction which saw about 89.5M XRP worth $36.8M taken out of Latin American exchange Bitso at 12:30 AM today. The funds were also transferred to an unidentified wallet. Forty-five minutes before this, two transactions on Bitso had occurred, as whales moved 60M XRP ($24M) and 30M XRP ($12M) from unknown wallets to Bitso on two occasions.
All the transactions involving Bitso occurred in an hour, raising questions about the reason behind the urgency of the whale movements. Notwithstanding, the most logical assertion highlights the sharp volatility experienced in the market of late and a need to urgently make trade decisions as a hedge against damaging effects.
Before the Bitso transactions, a whale had moved 25M XRP, worth around $10.9M, to Bitstamp in a single transaction. The transaction occurred in the early hours of Tuesday as XRP dropped from the lofty position at $0.46 at the outset of the market turbulence.
Meanwhile, the price of XRP has not been responding favorably to the current market conditions and persistent whale movements. The asset, which had started November on favorable grounds, dipped from a high of $0.50 last Saturday to $0.43 this Tuesday before making some slight gains.
The pressure from the bears proved more formidable than XRP’s resilience, as the asset finally broke below the $0.40 level on Tuesday amidst the chaos triggered by the FTX situation. With a decline of 17.24% in the past 24 hours, XRP currently trades at $0.3641 as of press time.
Despite recent propitious developments, especially regarding the advent of NFTs on XRPL and the ongoing litigation with the SEC, XRP has not shown immunity to the damage caused by the prevailing massacre. Its current value is the lowest the asset has seen since September.