The cryptocurrency market just witnessed an XRP whale moving a massive sum of XRP tokens for a minimal fee.
First reported by crypto Twitter bot Whale Alert, the entity moved nearly $23 million worth of XRP tokens. The user only paid a transaction fee of a little over five dollars for the huge transaction.
XRP whale on the move
An anonymous XRP whale moved 89,999,980 XRP tokens from his wallet address to cryptocurrency exchange Coinbase. The transaction worth nearly $23 million only cost the user a minute sum of $5.04 as a transaction fee.
While the Twitter bot reported the transaction as a move from an unknown wallet to a Coinbase address, the bot’s website shows that the move took place between two wallets owned by the same cryptocurrency exchange.
Whale Alert filters out cold storage transactions from exchanges, which means that the XRP whale is likely an investor moving assets to trade them on the open market or store them somewhere else. If the former statement is the reason behind the move, we could see a short-term bearish effect on the price of XRP.
BTC and ETH whales also swarm the markets
Bitcoin and Ethereum whales have been swarming the markets for the past couple of days. A multitude of large-scale Bitcoin transactions took place the last day, with the biggest one moving BTC worth more than $220 million between two anonymous wallets.
Most whale transactions were either between two anonymous users or investors moving assets out of cryptocurrency exchanges. This is a bullish signal as people wanting to sell the assets tend to keep it stored on the exchange.
Ethereum whales, on the other hand, showed a movement towards exchanges or DeFi protocols. These include the largest ETH transaction that took place yesterday, moving over $21 million worth of ETH to Uniswap.
Meanwhile, the Ethereum Foundation is still quite far from reaching its goal of having 524,288 ETH staked. The contract has received 50,849 ETH, with nearly two weeks remaining until the deadline.