Silvergate Capital Issue Does Not Impede Work! Quietly 'Whale' Is Managing XRP Holdings


 The crypto asset market on Friday saw that the crypto market took a tumble with almost all crypto assets affected following the revelations of Silvergate Capital. Ripple's native crypto, XRP claimed as a security by the US SEC, recorded a price drop with other major altcoins. However, it looks like crypto whales are still trying to slide more XRP amid the increased uncertainty.

Based on data from WhaleAlert, more than 290 million XRP tokens (worth approximately $106 million) have been moved by the group of Whales in various transactions. However, the single largest transaction recorded by the tracker was the transfer of around 140 million XRP (approximately $53.4 million worth) from an unknown wallet address to another wallet address.

In further analysis, Whale's address can be seen moving around 75 million XRP (approximately worth $28.5 million) has been transferred to several crypto exchanges. One of the Whale groups has moved $16.37 million worth of XRP tokens to crypto exchange Bitstamp.

Based on the market price, the price of XRP has experienced a continuous decline over the past 30 days. XRP price is down almost 9% during the same period. It was the third biggest loss among the top 10 crypto assets. However, the price of Ripple's native token has surged by 8% on a year-to-date (YTD) basis despite the legal battle launched by the US SEC.

XRP price is down over 3% in the last 24 hours. It is trading at an average price of $0.365, at press time. Its 24-hour trading volume has increased by 21% to $1.08 billion.

However, the whale cluster remains to take advantage of the XRP price drop. The largest Whale cluster collected around 75 million XRP (approximately $28.7 million worth) in various transactions. The largest pooling transaction recorded by the tracker was adding $16.55 million worth of 43.6 million XRP from crypto exchange Bitso.