100,000,000 XRP in 48 Hours, Here’s What Happened

U.Today - Cryptocurrency analyst and trader Ali Martinez has taken to his account on the X social media giant to share with the community that a huge lump of 100 million XRP coins has changed hands over the past two days.

100 million XRP on the moveThe analyst shared a chart produced by the popular on-chain data aggregator Santiment which revealed that cryptocurrency whales have begun a massive buying spree on the market. During the past two days, they have accumulated an astounding 100,000,000 XRP. Those were large wallets, holding between 1,000,000 and 10,000,000 XRP each.

At the current exchange rate, this amount of Ripple-affiliated coins is valued at $327,484,478 as the XRP is changing hands at $3.27 per coin.

According to the chart, over the two previous days, whales sold a significant amount of XRP: “Whales bought over 100 million $XRP in the last 48 hours.”

These 100 million XRP were purchased as the third biggest cryptocurrency by size of the market capitalization plunged, losing more than 10% - from approximately $3.27 to $2.92. Today, XRP witnessed a massive increase of more than 14% as it skyrocketed from $2.92 to the $3.33. XRP followed the Bitcoin price trajectory as the largest cryptocurrency reached a new all-time high of $109,114. By now, BTC has shed some of its today’s profits and is trading at $107,468.

40 million XRP deposit strikes BinanceAs covered by U.Today earlier, a slightly smaller XRP chunk, containing 40 million XRP coins was transferred to the largest global crypto exchange Binance from an anonymous cryptocurrency wallet.

While the community took this deposit as a bullish sign, Bithomp XRP-focused data platform revealed that the transfer had in fact been conducted by a wallet associated with Binance. Therefore, it was an internal crypto transaction.

Source: Investing.com