An unknown wallet transferred 23.7 million Ripple (XRP) worth $11.5 million to Bitso, a Latin American exchange, on October 11th at 7:56 PM UTC.
The transfer incurred minimal fees, approximately 0.000015 XRP, showcasing the cost-efficiency of XRP for large transactions.
XRP balance of mid-tier holders (10 million to 100 million XRP) decreased by 330 million tokens since late September.
According to whale monitoring resource Whale Alert, an unknown wallet transferred 23.7 million Ripple (XRP) valued at $11.5 million to major Latin American exchange Bitso on Wednesday. The large transfer occurred around 7:56 PM UTC on October 11th.
Notably, the whale only spent a tiny fraction of XRP, around 0.000015 XRP, in fees to move the nearly $12 million sum. This highlights the efficiency of XRP for transferring large values at a low cost.
Whale movement comes amidst drop in XRP balance
The shift comes as XRP whale data shows declining balances among mid-tier holders. Those with 10 million to 100 million XRP coins saw their cumulative balance drop by 330 million tokens since late September.
On August 24th, a significant whale also moved 29 million XRP, worth over $15 million at the time, to an exchange amid a price decline. Large transfers often precede increased volatility.
While the motivation behind this latest transaction remains unclear, exchanges typically represent liquidation venues for major investors. However, funds could also be shifted for custody purposes.
Still, the magnitude of the transfer may portend greater XRP price fluctuations ahead. Whales depositing in exchanges tend to signal conviction in further downside or upside. Their maneuvers often presage breakouts.
For now, the sheer amount kept off exchanges underscores lasting conviction by long-term holders. But concentrated transfers between wallets introduce unpredictable volatility that keeps traders on guard.