Crypto Whale Moves 220 Million XRP from Coinbase
An unidentified user moved $122 million worth of XRP from Coinbase to an unknown wallet.
XRP whales are on the move after the recent price surge as an anonymous user transferred 220 million XRP from cryptocurrency exchange, Coinbase to an unknown wallet. The total value of the transaction stands at around $122 million.
According to the latest data published by the blockchain tracker and crypto analytics company, Whale Alert, the mentioned transaction was executed on 16 February at 1:00 UTC. The company also reported another XRP transaction worth nearly $99 million today where an unknown user transferred $178 million XRP to an anonymous wallet.
The recent rise in the value of XRP has played a major role in the surge of anonymous transactions. The cryptocurrency is up nearly 20% in the last 7 days. As of writing, the digital asset is trading above $0.54 with a total market cap of over $24 billion. XRP is currently the 6th largest cryptocurrency in the world.
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The digital asset is up more than 150% since the start of 2021. The XRP price took a major hit in December last year after the SEC’s lawsuit against Ripple. The price crashed more than 60% following the SEC news and delisting announcements by the leading crypto exchanges.
XRP’s Recovery
The cryptocurrency has posted a significant recovery after reaching a low of $0.18 in December last year. XRP reached a high of $0.70 in the first week of February after getting support from major Reddit groups. The price is currently consolidating above $0.50 as Ripple gets ready to fight the lawsuit. Apart from major XRP transactions, Whale Alert reported unidentified Bitcoin and Ethereum transactions as well. An unknown user transferred 24,979 Ethereum worth nearly $44 million today to an unknown wallet. A crypto whale moved 1,000 Bitcoin worth more than $49 million from the digital exchange Coinbase to the crypto wallet Xapo. Anonymous cryptocurrency transactions involving BTC, ETH, USDT and USDC are surging since the start of 2021 due to a significant jump in the crypto market cap.
What does that mean? Is that a good thing or bad thing for XRP? Or is it only bad for Coinbase? I’m assuming that by ‘transfering to an unknown wallet’ you don’t mean that it has been sold? Thanks in advanced
Just a reader of the article…IMO the movement is most likely someone who wants to secure the xrp away from an exchange wallet or wallet that may not be as secure. I don’t see this as a newsworthy event and it certainly is not a bad thing since the supply was moved to a wallet not to an exchange to be offloaded. Article is good click bait with no substance.
Generally, when people move coins OFF an exchange, and into a wallet… it is perceived as a clue about price. If someone with large amount of XRP has no desire to sell it, on exchange, at current price… perhaps they expect a much higher price. (at some later date) If they intended to sell SOON they would PROBABLY just leave it on the exchange.
Not really a newsworthy event.