Cryptocurrency whales, defined as those holding substantial amounts of crypto, have been moving huge sums of Bitcoin and XRP in the last few days, indicating that they are likely either moving their coins to colder storage out of fear of price destabilization, or attempting to manipulate price movements on the market.

For instance, data collected by Whale Alert reveals whales moved over 500 million worth of Bitcoin and XRP in only 24 hours. Massive transactions such as 6,582 BTC moving from an unknown wallet to another, worth roughly $182,629,202, and 100,000,000 XRP, worth $53,439,878, transferred from an unidentified wallet, evidenced this activity.

Experts suggest that these movements could be related to both price speculation and potential manipulation. After all, if they are transferring such large amounts of Bitcoin and XRP at once, it’s possible these traders intend to take advantage of market swings by either buying low or pushing the prices down first to capitalize on the changes.

Whatever the whale’s intentions are, investors should pay attention to such large movements, as it may have serious implications on the overall market prices. In fact, statistics reveal that Bitcoin is trading at $27,478 at the time of writing, which is a 1.3% decline from its 24-hour high. In the meantime, XRP is worth $0.536, recording a 2.7% decline during the same period.

In conclusion, whales’ sudden transfer of over $650,000,000 worth of Bitcoin and XRP in just 24 hours could be an indication of market manipulation or price speculation. Whatever the intentions are, these whales can significantly affect the market’s course and investors should pay close attention to such large movements.



Other News from Today