Sudden whale activity involving significant sums of money could indicate this for XRP.

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While it is practically impossible to interpret a crypto whale’s intentions, several monthly cycles and global events can provide clues. As September began, a relatively sedate weekend stream of whale alerts was broken by whales moving tens of millions of XRP between unknown wallets, Bittrex, Binance, and even Ripple. Does this signal a potential dump?

Notably, the transfers took place between 3 and 4 September. The whale alerts came at a time when a several altcoins were enjoying a rally. In the past seven days, altcoins including Solana [+60.16%], Litecoin [+27.44%], Polkadot [+26.75%], and XRP [+10.11%] were rallying.

One of the smallest transfers saw 10 million XRP sent from Ripple to an unknown wallet. Meanwhile, the largest transfer was 218,682,488 XRP (more than $280 million) sent from an unknown wallet to Ripple.

 

At press time, XRP’s price was $1.25130, after several days of correction. However, XRP whale watchers need to look at more than just the overall price rally.

See also  XRP Price Movement analysis for 20th May, 2021

Watching Escrows and Whales

The performance of XRP has been tied to a variety of things. Ripple’s escrow and the spending habits of former Ripple CTO Jed McCaleb are two of them. Ripple received 1 billion XRP from escrow on August 1. Ripple distributed 182.3 million coins to McCaleb as a result of this.

Ripple sent 174,862,720 XRP to Jed McCaleb’s “tacostand” crypto wallet on September 1, increasing the total balance to 709,911,470.83271 XRP. While the impact of McCaleb’s XRP inflows/outflows on the price of XRP is still being debated, this whale’s transactions may inspire others to follow suit. However, “tacostand” has failed to make any significant outward transactions this month.

 

Meanwhile, as the price of XRP rose alongside the price of other alt coins, more traders were renewing interest in it. Santiment, a behaviour analysis tool, detected 25942 active addresses on the XRP network in a 24-hour period on September 4th.

Source: Santiment

In comparison, 4 August only saw 11768 active addresses within the same interval.

Source: Santiment

U.S. SEC v. Ripple

Outside of the crypto sector, the XRP community has been paying close attention to the Securities and Exchange Commission v. Ripple lawsuit. September could be a pivotal month for XRP, since even modest court judgments could spark large-scale XRP dumps. For the time being, the mystery whales have traded almost 380 million XRP in less than 12 hours.

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