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Tuesday, September 21, 2021

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Sudden whale activity involving large sums can mean this for XRP

While it’s nearly impossible to decipher the intentions of a crypto whale, a few monthly cycles and world events can hint at the real picture. When September began, a relatively quiet weekend sequence of whale alerts was broken by whales moving tens of millions of XRP between unknown wallets, Bittrex, Binance, and even Onda. Does this indicate a possible dump?

In particular, the transfers took place between September 3-4. The whale alerts came at a time when several altcoins were enjoying a rally. In the last seven days, altcoins including Solana (+ 60.16%), Litecoin (+ 27.44%), Polkadot (+ 26.75%) and XRP (+ 10.11%) were on the rise.

One of the smallest transfer saws 10 million XRP sent from Ripple to an unknown wallet. Meanwhile, the largest transfer was 218,682,488 XRP (over $ 280 million) sent from an unknown wallet to Ripple.

At press time, the XRP price was $ 1,25130, after several days of correction. However, XRP whale watchers need to look at more than just the general price rally.

Trusts and whale watching

The performance of XRP has been linked to various factors. Two of them include Ripple’s escrow and the spending activities of former Ripple CTO Jed McCaleb. On August 1, 1 billion XRP was released to the escrow ripple. Out of this, Ripple sent 182.3 million coins to McCaleb.

On September 1, Ripple sent 174,862,720 XRP to Jed McCaleb’s “tacostand” crypto wallet, bringing the balance to 709,911,470.83271 XRP. While the impact of McCaleb’s XRP inflows / outflows on the XRP price is still debatable, this whale’s trades could attract copycats. But for now, “tacostand” has yet to make large outbound transfers this month.

Meanwhile, more traders were regaining interest in XRP as its price rose alongside other altcoins. On September 4, the behavior analytics platform Santiment registered 25,942 active addresses on the XRP network in a 24-hour period.

Source: Santiment

By comparison, August 4 saw only 11,768 active addresses within the same range.

Source: Santiment

US SEC Against Ripple

Outside of the cryptocurrency sector, the XRP community has followed with interest the lawsuit of the US Securities and Exchange Commission against Ripple. September could be a key month for XRP, as even minor court decisions could trigger large-scale XRP dumps. For now, the unknown whales moved more than 380 million XRP in less than 12 hours.

This is a machine translation of our English version.

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Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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