As the broader market faces a new downturn, on-chain data shows millions of XRP tokens moving out of crypto exchange Crypto.com amid a 3.79% drop in XRP’s price.
Per data from crypto analytics provider Whale Alert, 50,000,000 XRP coins have been transferred from Crypto.com. One intriguing angle to this fund outflow is that it was sent to an unidentified wallet.
XRP Whale Movement: Nothing Unusual
According to the current price valuation of XRP, the moved funds were worth about $24,894,598 at the time of the transfer. On different occasions over the past year, countless XRP whale movements have occurred.
While the true intent behind these transfers remains to be determined, it does not negate their frequency. According to previous reports, 1 billion XRP tokens were moved by Ripple and whales following the implosion of SIlvergate and Silicon Valley Banks (SVBs).
The XRP movement at the time sparked fears of possible exposure to these defunct banking entities. Tensions became subsequently doused with the assumptions that the moved funds at the time might be linked to the XRP released from escrow.
Historically, whales are fond of fueling large XRP movements in what has categorized it as one of the most favored digital currencies in the crypto scene.
Impact on XRP Price
The movement of the 50,000,000 XRP coincides with a point in the market where prices are sliding at a sporadic rate. XRP is down by 3.79% to $0.5013, and the trading volume has jumped 166% to $861,749,848.
The current trend is unusual for XRP, as a steep drop in trading volume often accompanies related fund movement.
