As a seasoned crypto investor with battle-tested nerves and a knack for spotting trends, I find myself intrigued by the recent surge of XRP whale activity. The $103 million transfer to Coinbase is a clear sign that big players are betting on XRP’s recovery and potential growth.
Notable cryptocurrency tracker Whale Alert, known for monitoring significant digital currency transfers, has identified two instances where large quantities of XRP were sent. In one instance, the XRP was transferred to the foremost American cryptocurrency platform, Coinbase.
The surge in whale behavior is noticeable as the value of XRP coins ascends, reclaiming its third position on CoinMarketCap following a steep 16% drop on Tuesday. After plummeting from $2.86 to $2.41, XRP has regained 10% and is currently being traded at $2.56.
$103 million in XRP transferred to Coinbase
As a crypto investor, I’ve just noticed some intriguing movements in the market. Within the last eight hours, an unidentified ‘crypto whale’ has moved a staggering 39,999,989 XRP, equivalent to around $103,181,519, into the Coinbase exchange. This significant transfer certainly warrants attention and could potentially influence the price dynamics of XRP in the short term.
A second transaction of approximately 19.99 million XRP, worth around $52.98 million, was observed by Whale Alert and moved from one unidentified wallet to another. In summary, a total of about 60 million XRP were transferred in this process, which is equivalent to approximately $156 million.
🚨 🚨 🚨 🚨 🚨 39,999,989 #XRP (103,181,519 USD) transferred from unknown wallet to #Coinbase
— Whale Alert (@whale_alert) December 4, 2024
This week, it was verified through Santiment data that whales had amassed approximately 160 million XRP over the weekend, spending around $380 million in the process.
On the 3rd of December, it was reported by Whale Alert that a significant amount of XRP, approximately 273.4 million units, was transferred in six separate transactions. The most substantial transfers consisted of 100 million and 60 million XRP each. Two prominent South Korean crypto exchanges, Bithumb and Upbit, were implicated in these transfers as they facilitated the transfers.
When XRP reached an unprecedented high of $2.49 for the first time in over two years (since January 2018), whales holding between 1 and 10 million XRP saw their holdings increase by approximately 679.1 million tokens. This substantial amount of XRP, worth around $1.66 billion at the time of the price surge, was amassed by these larger investors. Additionally, wallets containing some XRP also saw a notable influx – around 5.5 million coins.
Ripple issues critical scam alert
December 2nd saw Ripple issue a warning about potential scams. In a brief video, their CEO, Brad Garlinghouse, cautioned the XRP community to be aware as both the market and fraudulent activities such as false airdrops are on the rise.
The video emphasized that Ripple or its high-ranking officials, such as CEO Brad Garlinghouse, CTO David Schwartz, and President Monica Long, will never ask XRP holders to transfer their coins for the promise of double returns, a typical scammer’s trick. In other words, they advise everyone to be cautious and protect themselves. The Ripple post concludes with this reminder: “Stay vigilant. Stay secure.
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2024-12-04 17:28