Whale Alert just reported via Twitter a huge movement of XRP. A total of 1,586,092,944 XRP was moved (with 4 different transactions), which, based on the current XRP price, amounts to approximately $803,825,810 USD at the time of transfer.
Large holders, or “whales,” sometimes move their assets to unknown or cold wallets for added security, especially if they anticipate volatility. Given the proximity to the U.S. elections, some may be repositioning their XRP holdings to reduce exposure or secure their funds.
Sometimes, large cryptocurrency transactions are part of an OTC sale, where institutional buyers or wealthy individuals buy or sell significant amounts. Moving XRP off an exchange could indicate a private sale to avoid affecting market prices.
Bithumb or another involved entity might be consolidating funds across wallets, potentially for better management or enhanced security measures. This type of transfer often happens when exchanges restructure their holdings.
With XRP trading down today and the U.S. elections potentially impacting crypto regulation, whales might anticipate market movement based on the election outcomes. A move to unknown wallets could mean they are preparing to sell when there’s a rally or are waiting for market stability.
Read also: Not Bitcoin, but Dogecoin (DOGE) Price is Pumping Ahead of the US Elections – Here’s Why
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