Cryptocurrency market update: Crypto whales at it again – millions of Ripple, Bitcoin, and Tron moved

The cryptocurrency market is back in the red following three days of significant gains and breaking of barriers to the upside. Bitcoin recovered above $4,000 on various cryptocurrency exchanges. However, the largest asset by market capitalization has corrected lower to the current value at $3,928. Besides, the cryptocurrency live rates on FXStreet show Bitcoin trending 0.3% down today.

Recently, there has been an emergence of a special group of experts referred to as crypto whale watches. These experts monitor transactions in the cryptocurrency universe to spot massive movement of digital funds from different exchanges and wallets.

As the market retraces, the above-mentioned crypto whale watchers are currently involved in monitoring the transfer of millions of funds in XRP. The startup based in San Francisco has transferred over 73,200,000 XRP; an equivalent of $23.9 million. The lasts transaction involved the transfer of 47,200,000 XRP. The funds which clock $15.7 million were sent from a known over-the-counter Ripple distribution wallet to one that is not known. This could mean that Ripple could have sold the tokens to an outside party. The firm sells the tokens it has in reserve from time to time to cater for operation costs.

“47,200,000 #XRP (15,795,851 USD) transferred from Ripple OTC Distribution wallet to Unknown wallet,” Whale Alert.

Elsewhere in the market, Bitcoin whales are reported to have transferred 12,300 BTC. The transaction worth $48.7 million was made yesterday. A majority of the wallets that were used to make the transfer were unknown but the funds were sent to Bitfinex.

Tron whales, on the other hand, have not been left behind. In the last few days, they have transferred at least 409,499,944 TRX worth $10.2 million. The funds were sent to several crypto exchanges including Bittrex, Binance, Bitfinex, and Huobi.