When the cryptocurrency market was experiencing the usual fluctuations associated with the marketplace, with prices crashing and investors gasping for air to survive the brutal market force, there is always something to look out for in all these.
In the ongoing price disruption in the market, crypto tracking firms observed large wallets moving huge XRP tokens in the market, which was unusual for the crypto market in times of market upheaval. Moving assets in times like these are more often done when there is a slight recovery of the asset’s value but not in the middle of the storm.
According to WhaleStats, an on-chain activity involving the movement of a large volume of coins worth $30 million, which was later found to be XRP, was detected by its tracking bot. XRP wallets moved the said coins in a couple of minutes.
The statement released by WhaleStats revealed that its tracking bot tracked two transactions linked to a certain Bitstamp exchange on 22 February. According to the report, the yet-to-be-identified wallet successfully transferred 20 million XRP, which is approximately $14.2 million at the transaction time.
— Whale Alert (@whale_alert) February 22, 2022
After the transaction of a large volume of coins to Bitstamp, the unknown wallet presently has only 45 XRP tokens in it, and the wallet might have a history of transaction activities with Bitstamp because it has previously been reported to have received a large number of tokens transferred to it by the exchange. Additionally, the wallet has no known transaction history with other XRP wallets.
Bitstamp exchange was also involved in the second transaction, with the exchange transferring the undisclosed amount of XRP tokens to another yet-to-be-identified wallet. The wallet has been found to hold 111 million XRP before its transaction with XRP and is believed to be owned by either another exchange or an anonymous whale actively trading on the Bitstamp exchange.
XRP’s Market Outlook
The resulting trend on the cryptocurrency market as a whole has seen XRP lose a significant part of its previous value by 17%. The negative market condition is so intense that the XRP dropped further below $0.7 for the second time since 2021.
Despite selling pressure and the action of both sellers and buyers on the market who continually dragged the token’s value down, XRP has been able to drag itself out of the market pressure to regain control of its value.
The improvement began from 3 February through 10 February, where XRP regained a substantial part of its value by at least 20% making it an incredible recovery following the downward trend that began rearing its head last November.
At the time of writing, XRP is currently trading at $0.7 and having a drawdown for the day set at $0.65.
The remarkable turnover for XRP has gone unnoticed by the majority of the market, who are occupied with either their recovery or are too busy with the business of trading. The vast majority of XRP assets are already in the oversold region.