104,156,526 XRP Transfer Detected On-Chain, Followed by a 3.9% Price Dip

The crypto community has been abuzz with speculation following the detection of substantial movements involving large amounts of XRP transferred between unknown wallets.

One of the most recent large-scale transfers on the XRPL network involved a colossal dispatch of 104,156,546 XRP, worth approximately $59,019,563. This transaction was detected by the leading crypto whale tracking service, Whale Alert, occurring on Sunday, August 11, at 15:04:10 UTC.

🚨 🚨 🚨 104,156,526 #XRP (59,019,563 USD) transferred from unknown wallet to unknown new wallethttps://t.co/CqTEhdX8vt

— Whale Alert (@whale_alert) August 11, 2024

Following this event, XRP has been down about 3.9% in the past 24 hours but up over 20% in the past seven days, bringing its price to $0.5681 during this press.

Whale Alert flagged this transaction as part of a broader pattern of significant XRP transfers between unknown wallets.

The sender’s wallet has been actively involved in previous transactions, including a significant transfer of 2.250 million XRP.

Notably, the sender’s wallet received an even larger transfer of 106.407 million XRP on August 9, 2024, further fueling speculation about the motives behind these substantial movements.

Large Transfers Impact Market

Whale activities have a profound effect on market sentiment, often triggering price fluctuations. For instance, on August 5, 2024, a new wallet executed a transaction, moving 2.8 million XRP to another new wallet.

Later, a more significant transfer amounting to $50,622,428 was detected during the bearish market phase of that day. This transaction, which involved the transfer of 95,678,794 XRP between two new and unidentified wallets, raised alarms as it coincided with a noticeable drop in XRP’s value.

Historical Context of XRP Whale Activity

This uptick in whale activity is part of a larger trend that has been evident over the past few months. In May 2024, Santiment highlighted that XRP whales had accumulated 3.17 billion tokens, significantly increasing network activity.

This accumulation aligned with several large-scale transactions, with key players acquiring 540 million XRP, worth over $270 million, within five weeks. Furthermore, during the same timeframe, there were reports of active accumulation by whales and sharks in Bitcoin, Ethereum, XRP, and Chainlink.

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