The crypto community is buzzing after a significant XRP transfer on the XRPL network, with speculations mounting. On August 11, 2024, at 15:04:10 UTC, a staggering 104,156,546 XRP, valued at approximately $59,019,563, moved between unknown wallets. Whale Alert, a prominent crypto whale tracking service, flagged this massive transaction.

Ripple Effect on XRP Price

Following the transfer, XRP’s price dropped by about 3.9% over the past 24 hours, settling at $0.5681 during the reporting period. However, despite this dip, it has seen a substantial rise of over 20% in the past week. This large-scale movement aligns with a broader trend of significant transfers between unidentified wallets, further fueling market speculation.

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The wallet involved in this latest transfer has been active in previous significant transactions. For instance, it recently moved 2.250 million. Even more intriguing is the fact that this same wallet received a larger transfer of 106.407 million just days earlier, on August 9, 2024. These consecutive large transactions have intensified speculation regarding the intentions behind such substantial movements.

Whale Activity’s Market Impact

Whale movements often exert a considerable influence on market sentiment, frequently leading to price fluctuations. For example, on August 5, 2024, a new wallet transferred 2.8 million to another new wallet. Shortly after, a larger transaction of 95,678,794 XRP, valued at $50,622,428, took place between two unidentified wallets. 

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This transfer coincided with a noticeable drop in XRP’s value, raising concerns among traders. This recent surge in whale activity is part of an ongoing trend that has been developing over the past few months. In May 2024, Santiment reported that whales had accumulated 3.17 billion tokens, significantly boosting network activity. 

This accumulation period saw key players acquiring 540 million XRP, worth over $270 million, in just five weeks. Simultaneously, whales and sharks actively accumulated assets like Bitcoin, Ethereum, XRP, and Chainlink.