In addition to these market dynamics, Whale Alert reported two major XRP transactions earlier this week. The first transaction involved the movement of 50 million XRP, equivalent to $27.6 million, from CryptoCom exchange to an anonymous wallet. This outflow could be related to safekeeping or over-the-counter (OTC) transactions that typically go undetected on-chain.
The second transaction saw 26.7 million XRP ($14.8 million) transferred from an unknown wallet to the Bitstamp exchange. This inflow could indicate a potential sell-off, as some market observers interpret such moves as warning signs of an impending sell-off. Alternatively, it could be earmarked for passive-earning products available on Bitstamp’s platform.
Despite the uncertain intentions behind these transactions causing a somewhat bearish outlook among some participants, XRP’s price and trading volume have shown strength, indicating a continued interest in this digital asset.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Source: Cryptocurrency - investing.com
