Ripple’s XRP whales move billions amid market instability

The cryptocurrency market is trending lower. The assets seem to be falling in line with the recent report from JP Morgan analysts that said that Bitcoin could drop further towards $2,400. Moreover, the analysts said that if it fails to find support and reverse trend, further breakdown could see it hit $1,260. Unfortunately, a drop in Bitcoin price often leads to a slide in the entire market due to the price correlation.

While the market volatility is on the rise, crypto whale watching shows that there are some huge investors who are unbothered by the bear trend to transfer billions in XRP. The Whale Alert on Twitter shared with the community one of these transactions on January 28 where “392,834,646 XRP ($114,187,437) was transferred from OTC Distribution wallet to Unknown wallet.” If that was not enough, another massive transaction took place shortly after with 463,420,929 XRP worth $136,324,998 was made from Ripple to Bitstamp exchange.

These transactions come exactly a month since similar amounts were transferred. The colossal transfers are starting to raise questions as to why XRP is being move. It is known that Ripple owns 60% of the total XRP supply.

At press time, XRP is exchanging at $0.2859 after recovering from the lows formed today at $0.2833. XRP started the week’s trading in declines like most of the assets in the market besides, it is down 3% on the day.