XRP Whales Move 430 Million Coins in Just 24 Hours Is a Market Selloff on the Horizon

Story Highlights
XRP whales moved 431 million coins in a single day, sparking concerns of a market dump.
Ripple co-founder Chris Larsen sold 20 million XRP, adding to market speculation.
XRP price remains below $0.60, with bulls aiming to break this resistance level.
Ripple’s native token XRP is back in the spotlight as whales are making substantial transactions, moving nearly 430 million coins in just one day. This sudden surge in activity has sparked fears of a market dump, especially after Ripple co-founder Chris Larsen recently sold off a large amount of XRP. With the price still struggling below the $0.60 mark, many are wondering what this all means for XRP’s future.
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Big Transfers by XRP Whales
According to data from Whale Alert, a popular tracking service, 431.08 million XRP coins were transferred between exchanges and unknown wallets within 24 hours. These transactions come shortly after
Chris Larsen’s 20 million XRP dumps
, leading to speculation about the market’s direction.
Meanwhile, the transactions included an accumulation, a dump, and several transfers to unknown wallets.
Among the notable moves, an unknown address
acquired 30 million XRP
, worth approximately $17.68 million, from the Bybit exchange. Additionally, another well-known address sold 17.23 million XRP, valued at around $10.16 million, to Bitstamp.
17,310,000
#XRP
(10,165,958 USD) transferred from unknown wallet to
#Bitstamp
https://t.co/rM3uT6BZnO
— Whale Alert (@whale_alert)
September 23, 2024
Additionally, a huge 383.85 million coins, worth about $224 million, were also moved between different wallets. These massive transactions have created a buzz in the crypto community, drawing attention to the recent activities of XRP whales.
Current XRP Price Performance
As of now, XRP is trading at
around $0.59
, showing some signs of stagnation. However, bulls are optimistic about breaking through the $0.60 resistance, which could spark further interest.
Coinglass
data shows a 0.78%
rise in XRP’s futures open interest, now at $749.55 million. Additionally, there was a 17.52% increase in derivatives volume, climbing to $857.62 million.