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The XRP and Bitcoin (BTC) whales are particularly on the verge of a rally today as many mega token transfers have been recorded in the last 24 hours. Data from Whale Alert shows that Bitcoin whales have moved over $55 million worth of BTC and up to $31 million worth of XRP in a single transaction.
Specifically, a Bitcoin whale transferred a total of 1,500 BTC ($55,911,311) from an account linked to Bitfinex to another wallet on the exchange. Aside from this particular transaction, the crypto market went into a frenzy yesterday when a Bitcoin trader paid over $3 million in fees for a single transaction.
As reported by U.Today, the whale wanted to send 139.42495946 BTC worth $5.23 million, but ended up only receiving 55.76998378 BTC worth $2,065,213.25.
Whale Alert’s findings pointed to two different XRP transactions. The first involves the transfer of 25,200,000 XRP worth $15,665,402, the other involves the transfer of 25,000,000 XRP worth $15,553,036. Both transactions saw funds moved to trading platforms Bitstamp and Bitso, respectively, suggesting that some sell-off in the assets is possible.
Impact of these transfers on the XRP and Bitcoin (BTC) brands.
Massive whale transfers in the crypto ecosystem, especially related to Bitcoin and XRP, are not uncommon. The general sentiment associated with these transfers is that the initiators are liquidating their funds, thus shifting the market balance in favor of the bears.
In this particular transaction, the amount involved is small relative to the actual liquidity that both cryptocurrencies have and therefore cannot have a significant impact on their price.
At the time of writing, Bitcoin is changing hands at $37,479.62, up 0.85% overnight, while XRP is up over 2% to $0.6211. With this outlook, it is proven that whale movements do not threaten the market balance of both assets.
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