The recent slew of whale transactions has raised questions, especially considering the situations with Silvergate and Silicon Valley Bank.
Ripple and XRP whale addresses recently moved nearly 1 billion XRP tokens in less than two hours, triggering questions among investors. Data suggests that up to 916.3 million XRP was shuffled in eight transactions, with Ripple accounting for 200 million tokens.
Ripple’s Movement
The latest cluster of whale transactions began with Ripple’s transfer, as highlighted by Whale Alert. The Silicon Valley company transferred 200 million XRP ($72.7 million) to an unknown address on Sunday at 18:31 (UTC). The receiving address was activated by Ripple, indicating an affiliation with the firm.
? ? ? ? ? ? ? 200,000,000 #XRP (72,722,775 USD) transferred from Ripple to unknown wallethttps://t.co/QeqSMUhEqy
— Whale Alert (@whale_alert) March 12, 2023
The funds moved may be part of 1 billion XRP tokens released from escrow this month. Ripple sent 300 million XRP to an affiliated address on March 1, shortly after unlocking the tokens from escrow.
From the 300 million XRP tokens received this address transferred 100 million tokens to an unknown address on March 6, as previously highlighted by The Crypto Basic. The latest movement saw the address transfer the remaining 200 million tokens to the same unknown address from the March 6 transaction.
These tokens are expected to be moved to exchanges to cater to liquidity. An analysis of the movement of the funds revealed that they were eventually routed through different addresses to Bitso and Bitstamp.
Other Whale Movements
Shortly after the Ripple transaction, two unknown whale addresses shuffled a whopping 245.5 million XRP ($88.9 million) on the same day at 18:35 (UTC). It bears mentioning that, though the sending wallet remains unidentified, data suggests that it was activated by an official Ripple address.
? ? ? ? ? ? ? ? 245,500,000 #XRP (88,923,242 USD) transferred from unknown wallet to unknown wallethttps://t.co/I7P1E1WE58
— Whale Alert (@whale_alert) March 12, 2023
The recipient wallet then transferred the received funds and other assets to another unknown wallet two minutes later. This transaction amounted to 278.5 million XRP ($100.8 million).Â
? ? ? ? ? ? ? ? ? ? 278,500,000 #XRP (100,876,265 USD) transferred from unknown wallet to unknown wallethttps://t.co/qF1ifno8rq
— Whale Alert (@whale_alert) March 12, 2023
Whale Alert further highlighted another transaction involving an internal transfer between two Bitso accounts. The addresses shuffled 31.3 million XRP ($11.3 million) at 19:15 (UTC).
? 31,300,000 #XRP (11,328,202 USD) transferred from #Bitso to unknown wallethttps://t.co/b6zZP0I2Bo
— Whale Alert (@whale_alert) March 12, 2023
The rest of the movements involved a single Bittrex-affiliated address which transferred 161 million XRP to several Bitstamp accounts in four transactions. The first transaction involved 44 million XRP while the second saw the transfer of 51 million XRP. The address also sent out 33 million XRP on two separate occasions.
Recall that Ripple CEO today Confirmed Silver Valley Bank Exposure, while FDIC Affirms It Would Cover All Deposits.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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