Three transactions that each contained a sizable quantity of XRP have been found by well-known blockchain tracking firm Whale Alert. The enormous Ripple Labs, situated in San Francisco, created all three.
Meanwhile, XRP, Bitcoin, and other well-known cryptocurrencies are experiencing unfavourable sentiment this week. However, economists think a positive U-turn might come after this.
202 million XRP on move
The previously stated bitcoin lumps included 120,000,000 XRP, 53,750,023 XRP, and 28,850,000 XRP, for a total of 202,500,000 XRP. These transactions have the following currency equivalents: $60,886,309; $53,750,023; and $14,628,631.
https://x.com/whale_alert/status/1754608894960160983?s=20
Whale Alert identified the first two transactions in this manner since they were started via the official Ripple wallets. The Bithomp explorer released data indicating that the 173.7 million XRP were moved to Ripple internal wallets.
The XRP community was taken aback by both transactions, particularly the larger one, and some users expressed optimism about the future price of XRP in their comments.
An anonymous blockchain address was used to start the last transfer, which transferred 28,850,000 XRP to the well-known cryptocurrency exchange Bitstamp. But as the Bithomp data cited earlier demonstrates, this wallet was also connected to Ripple Labs.
It is important to remember that one of the partner platforms of Ripple that powers Ripple Payments is Bitstamp. This RippleNet-based application uses XRP to provide quick and affordable international transfers and payments. It was once known as On-Demand Liquidity (ODL), but a rebranding was made to make it more comprehensible to external parties in the autumn of 2023.
XRP short traders might be caught off guard
According to a recent analysis by the on-chain data aggregator Santiment, there is a noticeable adverse mood on social media conversations this week about XRP and a number of other popular cryptocurrencies, such as Bitcoin, Ethereum, Cardano, and Binance Coin. For the first time in the last six months, the historical average values of XRP, ADA, and SOL indicate a greater degree of negative sentiment.
However, Santiment researchers noted that a significant false positive signal may be a sign of an impending price rebound if it starts to spread among cryptocurrencies with substantial market capitalizations. This is because, historically, markets have not behaved in a way that traders had anticipated. Consequently, XRP could soon see a boost.
