Whales are active on the last day of 2019, large amounts of XRP, BTC and ETH were transferred
While there are plenty of examples of financial institutions adopting Ripple products and services in 2019, but the company’s associated cryptocurrency, XRP, has disappointed investors. The price has fallen more than 46% in the last 12 months despite positive fundamentals.
Throughout 2019, there have been some Ripple news events that are likely to increase in price. Significant partnerships, such as with MoneyGram, along with substantial acquisitions, have stimulated the people who are most optimistic about the future of XRP.
Whales transferred large amounts of XRP
Earlier today, Whale Alert reported that 64,000,000 XRP, or $ 12.5 million, was transferred from Bithumb to an unknown wallet.
— Whale Alert (@whale_alert) December 30, 2019
Just a few hours later, whales transferred two large transactions (60,000,000 XRP and 56,994,820 XRP) between unknown wallets.
Source: Whale Alert/ Twitter
According to initial confirmation, the 60 million XRP recipient wallet address is a newly activated wallet address of Ripple founder and former CEO, Chris Larsen. About five minutes later, the wallet assigned to Larsen sent 56,994,820 XRP to another unknown wallet.
While the exact reason for the transfer is unknown, users on the XRPchat forum that based on XRP, once speculating that Larsen is the wallet’s sole owner.
Larsen has confirmed that he made the 60 million XRP transaction, and there is nothing to worry about it.
Just me moving money. Nothing to see here
— Chris (@MrReeves87) December 30, 2019
A glance at Ripple’s 2019 overview can see that XRP will also soar. However, XRP prices have spent most of the year in a downturn. While Bitcoin has increased by nearly 100% in the last 12 months, XRP has plummeted by about 46%.
Mati Greenspan, a cryptocurrency market analyst and founder of Quantum Economics, believes that weak price performance is the result of two factors related to the coin’s tokenomics.
Yes. XRP tokenomics is a bit funny that way. The two main issues…
1. Ripple holding a large portion of tokens and selling into the rallies.
2. Usage of the network does not necessarily require XRP tokens. Banks can use Ripplenet w/o ever touching the token. https://t.co/oDM2dO1vhV
— Mati Greenspan [not trading advice] (@MatiGreenspan) December 29, 2019
Greenspan still increased overall on both XRP and Bitcoin. Even so, he attributed the selling pressure came from Ripple itself, and the fact that financial institutions do not need to buy XRP to use Ripple’s services all contribute to the poor performance of the asset.
BTC and ETH whales are also active
BTC whales seem to be awakened from sleep in late December. Over the past 24 hours, some of the largest Bitcoin holders have moved 12,287 BTC worth about $ 89.9 million.
Source: Whale Alert/ Twitter
ETH whale has also been awakened and moved 384,857 #ETH ($ 50,789,591) between unknown wallets.
? ? ? ? ? 384,857 #ETH (50,789,591 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) December 31, 2019
Many users believe that the person who carried out this transaction was the founder of Ethereum, Vitalik Buterin, and predicted a new year dump for ETH.
Previously, whales transferred more than 200k ETH to major crypto exchanges making the community concerned about a massive ETH dump. However, the ETH price is still quite stable after the news.
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