The movement from Ripple involved some of the XRP tokens that were recently released from escrow for this month.
Ripple and other whale addresses recently moved a total of 218 million XRP, worth an average of $81 million, in six different transactions. The movements, which coincided with a recovery campaign recently staged by XRP, mostly involved exchanges such as Bittrex and Bitstamp.
Ripple Moves 50M XRP
The Ripple movement occurred on May 9 at 20:35 (UTC) and involved 50 million XRP tokens worth $21.4 million, according to whale-tracking resource Whale Alert.
🚨 🚨 50,000,000 #XRP (21,406,967 USD) transferred from Ripple to unknown wallethttps://t.co/s25pgjn0rg
— Whale Alert (@whale_alert) May 9, 2023
The tweet from Whale Alert suggests that Ripple sent XRP to an unknown wallet. However, Bithomp data indicates that the recipient wallet actually belongs to Ripple. This recipient wallet has so far distributed 7.3 million XRP to other addresses.
Notably, the recently-moved 50 million XRP tokens are some of the assets Ripple released from escrow for this month. As previously reported by The Crypto Basic, Ripple unlocked 1 billion XRP on May 1 as part of its monthly escrow executions. Shortly after the escrow executions, Ripple locked back 700 million XRP and kept 300 million tokens.
Responding to an article on the transactions, pro-XRP attorney Bill Morgan clarified that Ripple does not “dump” the assets on the market. It bears mentioning that, for April, only 50 million out of 300 million XRP released were moved from the Ripple wallet, similar to the recent transaction for May.
Other Whale Movements
Besides Ripple, other whales moved 168 million XRP in five different transactions. The earliest movement saw 50 million XRP moved from Crypto.com to an unknown wallet. Investigations revealed that the wallet belongs to Binance.
🚨 🚨 50,000,000 #XRP (21,874,438 USD) transferred from #CryptoCom to unknown wallethttps://t.co/WHqc8giQWt
— Whale Alert (@whale_alert) May 8, 2023
Shortly after, an unidentified wallet transferred 31 million XRP to Bitstamp on May 8, 21:29 (UTC). This was followed by an in-house movement hours later, as two Bittrex wallets shuffled 30 million XRP on May 9, 19:41 (UTC). The latest transaction saw an unidentified wallet send 28 million XRP to Bitstamp on May 9, 22:14 (UTC).
XRP Seeks to Recover
These whale movements coincided with a drop in XRP price and an ensuing recovery campaign. The asset dipped by 4.61% on May 8, its largest intraday decline since April 21. Despite a drop to a 7-week low of $0.41, XRP immediately staged a recovery, using the $0.41 zone as support.
XRP recently broke the intraday losing streak that began on May 6, closing yesterday with a meager 0.14% gain. XRP has now increased by 1% in the past 24 hours, with a mission to solidify its position above $0.43. XRP is currently trading for $0.4303 as of press time.
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