XRP whales have moved 223,2 million XRP, worth approximately $95 million USD, in the last 24 hours.
The cryptocurrency whales' movements were captured by blockchain transaction tracking platform Whale Alert on Monday.
According to the platform's data, several important movements of XRP whales were recorded this Monday, with amounts varying from 29 million XRP to 113,2 million units of the cryptocurrency.
The first of these transactions, 113,2 million XRP, moved cryptocurrencies from one unknown wallet address to another unknown wallet address, an action that is considered bullish as it conveys the entity's interest in retaining ownership of its assets in the long term.
The amount of XRP involved in this transaction amounts to approximately $48,2 million.
La second transaction recorded with the cryptocurrency mobilized 29 million XRP, valued at around $12,3 million, from an unknown wallet to a crypto exchange. In contrast to the first whale movement recorded this week, the second transaction could put the XRP up for sale on the market.
A few hours later, a third XRP transaction was recorded. The whale that made the transaction mobilized 50 million units of the cryptocurrency, worth approximately $21,3 million, also to an unknown wallet address. The last XRP transaction, so far, involves 31 million XRP which were also moved to an exchange address for possible sale.
What's going on with XRP whales?
The cryptocurrency market has lost nearly 3,2% of its capitalization in the last 24 hours, as a result of the sudden closure announced by the Binance cryptocurrency platform, one of the largest in the industry, regarding Bitcoin withdrawals.
The company announced on Monday that it was halting BTC withdrawals on its platform due to congestion and rising commission fees faced by the network due to the increasing activity of ordinals and BRC-20 tokens. Although Binance resumed withdrawals of the cryptocurrency a few hours later, it halted them again, pointing to unconfirmed transactions piling up on the blockchain.
Binance's actions have sparked market concern, contributing to the recent price decline of bitcoin and cryptoassets.
In the last few hours, XRP shows a drop of 2,7%, while the weekly drop exceeds 7,6%, according to data consulted on CoinMarketCap.
At press time, the price of XRP is $ 0,4259 dollars.
Continue reading: XRP will be compatible with the Ethereum Virtual Machine
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