$120 Million XRP in Minutes, What's Happening?

On May 16, a massive XRP transfer involving 50,000,000 XRP was spotted among two unidentified whales, according to the latest data from blockchain monitoring firm Whale Alert.

The data shows that the large XRP transfer, worth a total of $120,789,137, was sent from an unknown account to another unknown account in a single transaction. The receiving wallet appears to have been dormant since late last year.

XRP eyes $3 breakout

While the market has seen the price of XRP stabilize above $2, investors have remained bullish as XRP trading activity stays positive.

This recent whale activity, which happened off exchanges, has sparked speculation as many wonder about the reason behind the transfer. While the reason behind the transfer remains uncertain, the move has not directly impacted the price of XRP, as the crypto is still trading steadily around the $2.4 mark.

Data from CoinMarketCap shows that XRP has declined decently by 2.92% over the last 24 hours. As such, the token is trading at $2.41 as of press time.

Source: CoinMarketCapAlthough XRP is moving on a negative trajectory, investors have remained bullish, with on-chain metrics suggesting that the token is preparing for another bull run, with a $3 breakout in play.

While the massive XRP transfer might not be attributed to panic selling, it could be an attempt to drive hype around the asset, thereby fueling bullish sentiment among investors.

Previous data from the firm shows a similar transaction involving $120,386,319 worth of XRP being moved among whales on May 15. While this transfer was executed by different addresses, it has raised concerns as investors remain watchful about on-chain movements.

Nonetheless, crypto transfers involving large amounts of tokens among unknown addresses have often been traced to internal rebalancing among high-profile investors or institutional investors, or an attempt to reshuffle their assets, possibly for security purposes.

Despite trading in the red zone in recent days amid recurring market corrections, XRP has retained its bullish momentum as its daily trading volume has remained on the positive side, surging by 11.94% in the last 24 hours.

This positive trend in XRP’s trading volume suggests increasing demand among investors, strengthening the asset against pressures from panic sellers and exiting bids.