Over the past few months, we’ve seen crypto whales making movements around the cryptocurrency space, transferring a significant amount of Bitcoin, Tron, Ripple’s XRP, and other cryptocurrencies.
And now, again, a colossal amount of Ripple’s XRP is on the move. A whale move barely goes past unnoticed, and in most cases, when it does happen on a particular crypto, it comes with some consequences.
According to Whale Alert, a considerable amount of 30,000,000 XRP that’s equivalent to 14,094,202 USD was transferred from unknown wallet to another anonymous wallet.
Furthermore, Whale Alert also reports that another amount of 98,004,387.439449 XRP was transferred from UPbit to Bittrex.
Transaction Type: Payment
Amount: 98,004,387.439449 XRP
Fee: 45 drops (0.000045 XRP)
Sender Balance: 45
Receiver Balance: 319,578,090.226229
From the report, the transaction involved some drops of XRP (45 drops) in which the sender’s, as well as the receiver’s balance, was 45 and 319,578,090.226229 respectively after the transaction.
As if that is not enough, another transaction followed that involved other unknown wallets. In the transaction, 6,000,000 XRP ($2.8 million at the current value of Ripple’s coin) were moved.
But, who is moving the coins? As it has always been the case in previous occurrences, Ripple has been, of course, the prime suspect.
Ears and Eyes Already Up
When such movements occur in quick successions, questions are always more than answers. They’ll always cause a stir as well as alert everyone in the community, and these recent transactions are no exception.
Why the movements? Or who is making the moves in particular?
Up until now, allegedly Ripple holds almost 60% of XRP’s total supply with the coins stored in Ripple’s escrow account.
The latest transaction seems to have come from a Ripple wallet; it’s most likely that the blockchain firm itself performed the transaction. Thus far, Ripple has moved over 85 million XRP worth over USD 30 million.
Due to this large holding of the tokens, Ripple has been a subject of suspicion for manipulating XRP market and pumping its price. Some have already gone as far as asking questions about the authenticity of its market.
Why the Funds Movement?
Once such movements happen, one common question is always whether there’s some actual market manipulation taking place. Perhaps, the XRP whales are in a rush to get things done on time.
In mid-May, Ripple reached its six month high, but a 5,000,000 XRP whale movement saw its price nose dive a little.
Nevertheless, Ripple claims to have a plethora of customers across the globe, and cheating by manipulating the market in favor of XRP shouldn’t be expected. However, with the recent whale movements, the next big thing to happen remains to be seen.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.