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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Large Transactions Put XRP Price Under Pressure: Are Whales Making An Exit?

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Ripple (XRP)

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XRP has had its ups and downs in the past few months, ranging from a 70% price spike from Ripple’s partial victory in court to whales and retail investors taking profit after the price pump. Now, on-chain data has shown that XRP big money players have made many interesting transactions this month, with whales transferring over 1.7 billion XRP worth $899,530,325. 

XRP Price Sees Pressure From Whale Movement In August

According to on-chain data, a total of 1.7 billion XRP, worth over $899 million, were moved by some of the largest XRP holders in August. Whale movements of this nature tend to generate curiosity among investors. Some see it as a bearish signal for the XRP’s price, as these transactions have the potential to put some downward pressure on XRP due to fears of possible large sell-offs. 

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Data from Whale_Alerts have shown various whale movements in August. The latest transaction came hours ago, with 424,018,481 XRP worth $225,957,060 transferred between unknown wallets.   

Bitstamp, in particular, received a flurry of XRP from unknown wallets, totaling more than 85,200,000 XRP between August 27 and 29. Bitvavo, another crypto exchange, recorded various XRP whale transactions in the month. In one instance on August 27th, 425,118,503 XRP worth $224,906,760 left the exchange to an unknown wallet. 

However, one XRP investor claims to have tracked out the source of the massive transfers on Bitvavo. The investor explained that the coins have been moved back and forth the exchange many times since 2020 and the latest transfer was to an address controlled by Bitvavo.

Ripple (XRP) price chart from Tradingview.com (Whales)

Token price recovers above $0.52 | Source: XRPUSD on Tradingview.com

Return Of 800 Million XRP to Escrow

A high volume of the XRP whale movement came from Ripple itself. On August 1, the blockchain technology company returned XRP tokens to its escrow wallet just after carrying out its periodical unlock. Ripple periodically unlocks 1 billion XRP tokens to increase the number of tokens in circulation. 

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On-chain data from Whale_Alerts also show that 300 million XRP tokens, with a value of $209 million, were locked in Ripple’s Escrow wallet on August 1. Shortly after, the on-chain tracker revealed that a further 500 million XRP tokens worth $349,458,791 were locked back into escrow.

Although XRP is currently up by 2% due to the current buying pressure on Bitcoin, the cryptocurrency is down by 24.61% in the past month. However, XRP trading volume has spiked 115.03% in the past 24 hours.

Featured image from Unsplash, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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