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HomeCrypto NewsForbes: 1 Billion XRP Movement by Whales in Past 7 Days

Forbes: 1 Billion XRP Movement by Whales in Past 7 Days

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Despite the current bear market and the uncertainties surrounding the legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC), XRP whales continue to trade. Whale addresses have moved over 1 billion XRP in the last seven days, which has led to a concentration of whale movements over the previous week.

According to a Forbes article citing information from the crypto surveillance system Whale Alert, the largest of these whale transactions took place in the last 48 hours. Movements between exchanges, including Binance, Bitstamp, and Bitso, were a part of the indexed transactions.

Read also: Whales Moved 412M XRP Despite Unresolved Ripple vs. SEC Case

In-House Binance Movement

The highest transactions were the transfer of 325,800,000 (325.8M) XRP worth $112M between two wallets connected to Binance. The receiving wallet, which had been idle since an outflow in August, now has a balance of 325.8M XRP, while the sending wallet now has a value of 693M XRP.

Yesterday at 13:04 (UTC), the transaction took place, as reported by Binance earlier on its official Twitter account. The exchange stated that as part of its housekeeping for Binance-pegged tokens, efforts were underway to transfer sizable amounts of XRP and LINK tokens.

“These assets are currently in cold storage. Therefore, we will be updating the wallet addresses that hold the Btoken collateral – during this period, you may notice some large transactions between these wallets. Rest assured that funds are SAFU,” the Binance team disclosed.

Read more: Deaton and Ripple CTO Slams “Mr. Wonderful” For Criticizing Binance For FTX Crash

More Important Whale Movements

On Sunday at 19:54 (UTC), a transaction of 179.5 million XRP worth $63.1M occurred between two unidentified wallets. The transaction removed all funds from the sending wallet, leaving a 100 XRP closing balance.

However, the receiving wallet started dumping the assets in huge transactions totaling millions of dollars to wallets connected to various companies, including Bitstamp, Bitso, and Independent Reserve. As of the time of publication, it has 251 XRP in its balance.

Additionally, on Friday, 267.4M XRP flowed into a freshly activated wallet, resulting in a transaction involving that wallet being indexed at 12:36 (UTC). So far, all of the assets have been removed from the recipient’s wallet in two transactions involving the sending of millions of XRP to a Bitvavo wallet and an unidentified wallet.

Whale Alert also noted the transfer of 262.4 million XRP worth ($91.5M) from the unidentified wallet at 16:39 (UTC) on Saturday. The recent transaction was the wallet of the unidentified recipient’s first and only transaction; it had just been enabled.

Within 48 hours, the four transactions described above collectively moved slightly more than 1 billion XRP tokens, the highest volume seen in a while. In addition, the network experienced smaller transactions worth millions of XRP throughout the past week.

Smaller Whale Transactions

Whale Alert noted the movement of 62.3 million XRP worth $21.7 million on Sunday at 22:15 (UTC). The exchange occurred internally between two wallets linked to the Latin American exchange Bitso. The recipient wallet has only been involved in a series of transaction shuffles with other Bitso wallets.

A different transaction involving an inflow into Bitso from an anonymous wallet had taken place just a few minutes earlier. There was a movement of 40 million XRP ($13.9M) in the transaction on Sunday at 22:09 (UTC). Despite being anonymous, the sending wallet sent money to Bitstamp, Bitso, Independent Reserves, and other recipients after receiving 179 million XRP on the same day.

Another transaction that flooded into the British exchange Bitstamp on Sunday at 22:10 (UTC) was also indexed by Whale Alert. In the transaction, 40 million XRP worth $13.9M were transferred from an unidentified address to a wallet connected to Bitstamp.

XRP’s Outlook

Despite the difficult market conditions, these whale movements have been active lately. Due to the lack of significant developments in the Ripple v. SEC lawsuit, XRP has been affected by the market’s bearish fluctuations.

However, according to recent reports, Judge Torres partially rejected the SEC’s motion addressing the Daubert filings both parties filed while granting Ripple’s request.

In contrast, XRP has lost 10.90% of its value over the past week and is currently trading at $0.3414 at the time of this writing.

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