Cryptocurrency whales are both feared and respected due to their accomplishments and impacts on the cryptocurrency market. Now, an XRP whale has made investors tremble, looking for its next move.
The whale in question moved over 443 million XRP tokens from ‘ra9cJ…Lg4Gf’ to ‘rudsb…TVYdG’ on January 16. Notably, the latter is a recently opened address, which could belong to the same owner of the former.
On that, Finbold traced this amount back to the account ‘rpiY9…TT8CK’. This whale address received over 425 million XRP from a Bitvavo account in August 2023.
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Interestingly, these tokens jumped from one address to another multiple times. Moreover, each time this amount – currently worth over $230 million – was moved, it followed a similar pattern: A recently opened address received over 425 million XRP, made some smaller intermediate transactions, and moved to the next address.
XRP whale sell-off could impact the price
In these circumstances, knowing if this gigantic XRP whale is willing to sell its tokens is impossible. Determining whether each intermediate address belongs to the same entity is also impossible
Essentially, the market will not see a sell-off if the whale follows the same pattern. So far, the amount has not reached known exchange addresses. In particular, the gigantic XRP whale could just be trying to make its holdings traceability harder by using different accounts.
However, each time the XRP whale moves its multi-millionaire amount, it triggers whale alerts and investors’ attention. Selling this many tokens in a short period of time would directly impact XRP’s price.
All things considered, it is worth it to keep following this whale’s next moves in anticipation of a sell-off. Additionally, the largest active XRP whale is Ripple, which runs monthly sell-offs originating from its holdings unlocks. The most recent sale was an 80 million XRP batch, reported by Finbold.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
