There are many indications that recent significant XRP price movements have contributed to another very high transfer of whales. As Whale Alert reports, between November 29 and 30, as many as 442 million coins changed their whereabouts.
The end of November belongs to XRP
The last moments of the month may not bring significant movements on the price of XRP, but it is around this coin that the highest activity is registered. In one of our recent materials, we pointed out that “XRP is becoming the leader of the altcoin market after another rally”. If you haven’t read it yet, be sure to take a look at that article. In it, we cited many events that are currently taking place. One of them was whale activity. It turns out that despite the passage of time, it remains at a very high level. This is evidenced by Whale Alert reports, which record very large movements.
Just 24 hours were enough for 442,302,161 XRP, worth nearly $178.69 million, to change its location. The largest of the recorded movements involved the transfer of 280,684,171 XRP from an unknown wallet, to another also unknown wallet. The value of the coins at the time of the transaction was about $110 million.
Purposes of XRP transactions
Transfers between unknown wallets are generally regarded as quite mysterious. The lack of confirmation of them by the entity behind them triggers a number of speculations. This time is no different. It is therefore presumed that the intention here was not necessarily for investment purposes, but for activities related to Ripple On-Demand Liquidity (ODL). ODL is a service that uses XRP for cross-border settlement. It is experiencing tremendous growth this year. The result is that Ripple is constantly buying XRP from the market so that demand for the company’s solution is fully satisfied.
Other notable XRP whale moves, likely with very different intentions
Looking at whale movements from the days between November 29 and 30, one can also notice transfers, with completely different characteristics. There were flows from exchanges such as Bitso and Bitstamp, which ultimately enriched unknown portfolios. There were exactly three of them, with values of respectively: 30,400,000 XRP, 25,817,990 XRP and 25,800,000 XRP. The numbers are so close to each other that it seems reasonable to assume that a single entity may have been behind them.
In the meantime, the influences on the stock market were noted. In this case, we are talking about the Bitstamp platform and transfers of 29,000,000 XRP, 25,600,000 XRP and 25,000,000 XRP, respectively.
As you can see, the deviation between individual transfers, also in these cases, remains small.