Millions of XRP Spotted Moving On-Chain, Possible Reasons

XRP whales are active as millions of digital currencies have been spotted on-chain in the past 24 hours. According to data from crypto insights platform Whale Alert, there have been at least two massive whale movements thus far. The biggest, involving some 50,000,000 XRP worth approximately $27,602,730, was moved from CryptoCom exchange to an unknown wallet.

🚨 🚨 50,000,000 #XRP (27,602,730 USD) transferred from #CryptoCom to unknown wallethttps://t.co/mgEut2tYeA

— Whale Alert (@whale_alert) October 30, 2023

The second XRP whale movement featured 26,700,000 XRP valued at a market price of $14,829,710 moved from an unknown wallet to Bitstamp. Notably, the movements of these tokens likely connote different reasons. While the transfer of funds from an unknown wallet to Bitstamp could imply a possible sell-off, that from CryptoCom might be associated with potential safekeeping.

With no way to judge the intentions of these token owners, being accurate with this permutation is highly unlikely. With XRP’s utility growing by the day, the outflow from CryptoCom to an unknown wallet might also be loosely associated with over-the-counter (OTC) transactions, most of which are generally not spotted on-chain.

Additionally, the XRP sent to Bitstamp might also be earmarked for some passive-earning products on the trading platform. Worthy of note, XRP is now featured on different platforms as a token with a high propensity for growth.

How is XRP price reacting

As gleaned from the reactions trailing the whale transfer updates, many industry members are already tagging this a red flag that might connote an impending sell-off. Despite this bearish sentiment, XRP is in positive territory, with its price up 1.2% at the time of writing to $0.5537.

This impressive growth rate is accompanied by a 57% jump in trading volume to $797.9 million, solidifying XRP as one of the in-demand tokens on the market today. While corrections are generally not ruled out after a positive October, permutations are that XRP is set for more ambitious runs in the near term.

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