XRP has had its ups and downs over the past few months, ranging from a Price spike of 70% from Ripple partial victory in court for whales and private investors take profit after the price pump. On-chain data has revealed 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 takes pressure from whale movements in August
According to data from the chain, a total of 1.7 billion XRP, worth over $899 million, was moved by some of the largest XRP holders in August. These types of whale movements usually arouse investor curiosity. Some see it as a bearish signal for the price of XRP, as these trades have the potential to put some downward pressure on XRP due to fears of a potential major sell-off.
Whale_Alerts data shows several whale movements in August. The last transaction took place hours agowith 424,018,481 XRP worth $225,957,060 transferred between unknown wallets.
Bitstamp, in particular, got a fit of XRP from unknown wallets, totaling over 85,200,000 XRP between August 27 and August 29. Bitvavo, another crypto exchange, recorded several XRP whale trades during the month. In one copy On August 27, 425,118,503 XRP worth $224,906,760 left the exchange to an unknown wallet.
However, one XRP investor claims to have tracked down the source of the massive transfers on Bitvavo. The investor explained that the coins have moved back and forth across the exchange many times since 2020 and the last transfer was to an address managed by Bitvavo.
Token price recovers above $0.52 | Source: XRPUSD on Tradingview.com
Return of 800 million XRP to Escrow
Much of the XRP whale movement came from Ripple itself. On August 1, the blockchain technology company launched returned XRP tokens to its custodial wallet just after the periodic unlock is performed. Ripple periodically unlocks 1 billion XRP tokens to increase the number of tokens in circulation.
On-chain data from Whale_Alerts also shows that 300 million XRP tokens, valued at $209 million, were locked into Ripple’s Escrow wallet as of August 1. Soon after, the on-chain tracker revealed that another 500 million XRP tokens worth $349,458,791 were stored. locked in the bail again.
While XRP is currently up 2% due to the current buying pressure on Bitcoin, the cryptocurrency is down 24.61% over the past month. However, XRP’s trading volume is up 115.03% in the last 24 hours.
Featured image of Unsplash, chart from Tradingview.com