Traders on Alert: $50 Million Worth of ETH and XRP Just Hit Major Exchanges

Large cryptocurrency transfers often signal upcoming market moves. On Sunday, Whale Alert reported two big transfers – over $50 million worth of Ethereum (ETH) and XRP – to major exchanges Coinbase and Bitstamp.

Specifically, 22,699 ETH worth $35.4 million was moved from an unknown wallet to Coinbase. Additionally, 30.2 million XRP worth $14.7 million was transferred from an unknown wallet to Bitstamp.

Whale Alert, a popular Twitter account with over 2.2 million followers, tracks and reports on major cryptocurrency transactions like these. When large amounts move to exchanges, it often means the holder is looking to sell or trade the assets.

The ETH transfer to Coinbase in particular raises eyebrows, as it is unusually large for a single transaction. This could signal an intent to sell a significant amount of ETH. The XRP move, while smaller, is still significant and may point to similar selling intent.

Overall, these large transfers to exchanges are worth monitoring closely. If the holders do look to sell or trade the assets, it could increase selling pressure on ETH and XRP in the short-term. This is notable as cryptocurrency markets have already been shaky amid the recent FTX fallout.

Of course, it’s also possible these particular holders have other intentions besides immediate selling. But the transfers are large enough to warrant attention, as over $50 million flowing onto exchanges cannot be ignored. We’ll have to continue watching the markets for any signs of increased activity.

Check $RECQ Meme Coin

Sponsored: Invest Responsibly, Do Your Own Research.
Serves as the base currency for all transactions within the Rebel Satoshi platform
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency

CaptainAltcoin
Logo