Crypto whales seem to have awoken of late. Every other day, the community spots a whale in action, as is always the case, the whales tend to move jaw-dropping amounts of cryptos.
The latest whale action involves a particularly huge number of XRP coins. Just recently, Ripple moved 10 million XRP from its wallet to a third party – a move generally understood as a sale from the company’s OTC (Over-The-Counter) operations.
While Ripple’s transfers are huge, the latest XRP movement is considerably large, prompting many people to start mulling over various possible implications as a result of it. As reported in a tweet by Whale Alert, an XRP whale has today transferred a stash of XRP amounting to around 250 million coins.
Wallets Unknown
Understandably, the crypto community always tries to uncover the owners of the wallet involved in large crypto movements. However, such efforts have often come up empty as many whales tend to transfer their coins to or from unknown wallets.
In the case of the mentioned transfer, the wallets involved are unexplored, meaning that no one really knows who owns the cryptos, whether it was a transfer from and to wallets owned by the same person or whether it was a trade between whales.
Sell-Off Or No Sell-Off?
Such huge transfers have been known to cause some level uncertainty within the particular crypto’s community especially when the origin and destination are unknown. To some, such movement may be an attempt to dump the cryptos, a move that could soon jeopardize the coin’s price.
On the other hand, some fans who purport to better understand the crypto industry, opine that the large move may not really be a sell-off, but rather a low-key distribution aimed at providing liquidity to the concerned parties without necessarily affecting the larger XRP market. Indeed, according to the aficionados, this has happened many times before and it shouldn’t be any cause for alarm.
