Whenever the crypto market is on an upswing, an increased activity of the so-called crypto whales can be observed. Today, they’re also holding enormous amounts of Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). In the past 24 hours alone, large investors have transferred over 150 million XRP.
The number of XRP accounts with more than one million XRPs has also increased significantly. Recently, the XRP rate increased by around 30 percent. Today, we’re about to explain what is behind the activities of crypto whales.
New Whales: The Influence of Large Investors
So-called whale scanners report on the movements of wealthy large investors on Reddit and Twitter. For example, a ‘Whale Alert’ account known on Twitter published a transaction for 33,129,911 XRPs (approximately $7.45 million). In this case, however, it wasn’t an unknown investor, but Ripple itself.
The Ripple Foundation sent this sum to its OTC wallet on July 28, 2020. The Foundation hasn’t commented on this transaction yet. The rumor is that the XRP may have been sold to an institutional partner. This transaction was only part of the currently growing transaction volume. XRP, worth a mid-double-digit million amount, changed investors’ wallets within 24 hours.
Ripple is currently experiencing a bull market, which caused the price of the third-largest cryptocurrency by market cap to rise by around 37 percent. Recently, Ripple regained third place in the top 10 cryptocurrencies by market cap. Most of the large-scale transfers registered were made by wallets, which already had a balance of over 10 million XRP.
The XRP price rose 1.13 percent, and almost 20 percent within a week. The increase resulted in 30 new ripple whales, i.e. large investors who hold at least 1 million XRP. According to Santiment researchers, in total, there are 843 XRP whales at the time of writing — compared with 814 in early June.