A well-known cryptocurrency tracking bot called Whale Alert has seen an uptick in XRP whale activity in the last 24 hours, during which time over half a trillion XRP have been exchanged.
Many new XRP whales have entered the cryptocurrency market amid this whale activity.
https://x.com/whale_alert/status/1750173409370054985?s=20
Hundreds of millions of XRP moved as new XRP whales emerge
Six crypto transactions were found overall by the aforementioned on-chain data source, two of which transferred around 200 million XRP and more than 120 million XRP. Whale Alert classified most of these transactions as coming from “unknown new” wallets.
Three out of the six transactions were identified as withdrawals from the well-known Dutch cryptocurrency exchange Bitvavo in Europe. The total estimated value of those XRP chunks, which totaled 196,399,896 XRP, 25,000,000 XRP, and 123,112,280 XRP, was $177,500,00 in currency.
Remarkably, all three of these transactions were transferred to new wallet addresses, which might indicate that three brand-new cryptocurrency whales have surfaced as a result of their acquisition of hundreds of millions of XRP.
https://x.com/whale_alert/status/1750112240949133792?s=20
50 million XRP transferred to centralized exchanges
Two of the six transactions listed earlier have nothing to do with the Bitvavo exchange. These XRP chunks, in contrast to those withdrawals, were placed into well-known cryptocurrency trading sites Bitstamp and Bitso.
21,800,000 and 28,200,000 XRP chunks (valued at $11,185,280 and $14,469,021) that were transferred from anonymous digital wallets to such sites were recorded by Whale Alert.
Upon closer examination of the information given by the explorer Bithomp, which focuses on XRP, it becomes evident that the wallet address linked to the Ripple Labs blockchain decacorn was used for both transactions. It is important to note that Bitstamp and Bitso work together with this massive fintech company since they serve as the foundation for Ripple’s international payment service, which utilises XRP to make quick and inexpensive payments to locations throughout the globe and is powered by RippleNet.
It was commonly known as On-Demand Liquidity until the autumn of 2023. At that point, Ripple decided to rename it as simply “Ripple Payments” in order to make it more understandable for outsiders and draw in more new clients.
Max Keiser issues bearish XRP predictions
Max Keiser, a proponent of Bitcoin, criticised XRP in two tweets earlier this week, labelling it as “centralised garbage.”
Since he believes that Bitcoin is the only decentralised good or service available, Keiser anticipates that XRP will be worthless in comparison to Bitcoin.
