The prognostications that the whales that govern the crypto space have returned seem to be coming to pass.
In less than 48 hours, over 100,000,000 XRP (about $31,000,000) is known to have moved from several different Wallets!
On Wednesday, one of the best-known twitter handles that track movements of cryptocurrency tokens reported the transfer from one unknown wallet to another.
Mystery Whale or Inside Job?
Speculation has been rife in the crypto space about the identity of the parties involved in the transaction.
Some speculate that a new insider (probably a large financial institution) has decided to dip its toes in the waters of the crypto space.
Others believe that Ripple Labs Inc is transferring some of its tokens for reasons that remain best known or best believed.
Big Guns or Small Fry?
Now, in the past, similar transactions of this nature on Ripplenet have been known to come from retail over-the-counter based wallets.
However, most of the transactions have been initiated by wallets holding quite a large number of tokens.
Whale Season is in for XRP
This week has been a week for XRP Whales making the biggest splashes!
Someone exchanged 17,000,000 XRP from an unknown wallet to Gatehub exchange on Monday.
Then another person moved 300,666,888 XRP (Around $96 Million) from premier exchange Binance to an unidentified wallet.
Also, in another splash on Tuesday, someone moved 15,000,000 XRP from an Unknown wallet to Bittrex.
Who has it in for XRP?
It seems that the Whales have decided to try and play with XRP just to test the waters on current prices.
While this may appear to be so on the surface, a quick look at the fundamentals of XRP suggest that such moves will be common soon.
Let’s face it; XRP has also gone mainstream.
Will there be more whale action? Absolutely!
It’s crypto-summer folks!
What do you think?
Will the whales rule over XRP this summer?