HomeCrypto NewsMarketRipple Moves 50M XRP; Whales 160M+ Tokens As Price Slumps

Ripple Moves 50M XRP; Whales 160M+ Tokens As Price Slumps

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A few hours following Ripple’s transfer of 50M XRP, over 110M tokens were moved by whales in under three hours.

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XRP whales remain active in recent times, as a series of transactions saw the movement of over 160M XRP tokens in under 24 hours, with Ripple accounting for the transfer of 50M tokens. The other whale transactions in under three hours occurred a few hours after Ripple’s XRP transfer to an unidentified wallet.

Ripple’s Large XRP Transfer

As indexed by Whale Alert, exactly 50M XRP tokens valued at $19.2M were moved from the official multisig Ripple address to an unknown wallet yesterday. Data from the Bithomp explorer indicates that the transaction occurred on December 7, 21:21 (UTC).

 

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Though unidentified as of press time, the recipient wallet has received millions of XRP from Ripple in a series of transactions considerably spaced out. The latest transfer from Ripple was the first inflow to the account in over three weeks, following another 100M XRP from Ripple on November 11.

Following each transfer from Ripple, the wallet offloads the XRP to other unknown wallets. So far, it has transferred out 10M XRP from the 50M received to another unidentified wallet, having a balance of 45.3M XRP at the time of reporting.

Other Whale Movements

Less than 3 hours after the large movement from Ripple, another whale movement involving up to 40M XRP tokens worth $15.3M occurred. The transaction on December 8, 00:08 (UTC) has been identified as an in-house flow within two wallets on the Latin American exchange Bitso. There has been a growing pattern of this sort of in-house whale movement of late.

Furthermore, the network witnessed the movement of 35M XRP ($13.5M) less than an hour later. The transaction involved the transfer of the 35M XRP tokens from an unknown wallet to the Luxembourg-based exchange Bitstamp. Bithomp reveals that the movement occurred on December 8, 01:03 (UTC).

There is limited information on the sender’s address at the reporting time. Still, Bithomp data discloses the outflow pattern to three different entities: Bitso, Independent Reserve, and Bitstamp. The transactions to these wallets are usually in millions of XRP. The wallet currently has a balance of 150 XRP as of press time.

The latest movements occurred six hours ago, as an in-house movement within Bitso was carried out on December 8, 1:15 (UTC), 12 minutes after the previous transaction. The movement saw the transfer of 35.6M XRP ($13.9M) between two Bitso wallets. Data reveals that the recipient wallet has only transacted with Bitso addresses in the past.

Single Whale Transferred Over 4 billion XRP Tokens Yesterday

These XRP whale movements have been gaining steam of late, with the recent ones being the latest in a long line. The Crypto Basic highlighted a massive whale movement yesterday, which saw a single anonymous whale transfer over 4 billion XRP tokens from Bittrex to several unidentified wallets. The massive outflow comes in the wake of the FTX implosion, which led to the loss of investor funds, leading to a test of investors’ confidence in exchanges.

Meanwhile, XRP has found some strength within the past 24 hours, as it appreciates by 3% when most of the broader market has been flat in the past day. The asset is trading at $0.3884 at the reporting time, down 3.13% in the past seven days.

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Author

Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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