According to some reports from WhaleAlert, another large batch of XRP was transferred by anonymous Bithumb users to an unknown wallet. As the website suggests, nearly $80 million worth of money was transferred 9 hours ago.
120 million XRP moved by anonymous whale to private wallet
The wallet that received such a large sum from the exchange currently holds 85 million XRP and is continuously executing large transactions for other entities on the network. Most recently, the wallet moved 35 million XRP coins to two anonymous wallets.
Prior to receiving 120 million from the exchange, wallets ending in “ZcEXg” received 90 coins on February 18 and redistributed the funds between smaller wallets thereafter.
The wallet’s behavioral pattern may suggest that it is owned by exchange or another platform that is active with users and transactions, as it is continuously receiving large sums of funds and dividing them into smaller batches.
Some exchanges use separate wallets to initiate withdrawals rather than just keeping funds in one wallet, which is used to redistribute funds.
Unfortunately for its investors, XRP has not been able to go against the overall trend in the market and has lost more than 8% of its value in the past 24 hours. The overall risk in the market caused it to drop below the key psychological resistance area of $0.7.
XRP/USD 4-hour chart | Source: TradingView
At press time, XRP is changing hands at $0.7018, correlating with the previously observed price in early February. The only indicator or indication in the market right now is that volume is still high compared to yesterday.
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