A transaction involving crypto exchange Bithumb recently moved 100 million XRP worth over $51 million, eliciting speculations among investors.
A whale address associated with Bithumb, South Korea’s second-largest exchange, recently moved 100 million XRP valued at a whopping $51 million. This transaction has triggered conjecture among investors, prompting market participants to contemplate the underlying purpose behind this action.
Whale Alert, a crypto-focused whale-tracking resource, drew public attention to the development in a recent tweet. Whale Alert’s algorithm detected both wallets involved in the transaction as unknown addresses.
? ? ? ? ? 100,000,000 #XRP (51,001,565 USD) transferred from unknown wallet to unknown wallethttps://t.co/6ZuGKySJVv
— Whale Alert (@whale_alert) June 14, 2023
The transaction, which involved exactly 100 million XRP worth an excess of $51 million, occurred today at 12:06 (UTC). Whale Alert labels the sending and recipient addresses as unknown, but on-chain investigations suggest that they both belong to Bithumb.
Per data from Bithomp, a reliable XRP Ledger explorer, the sending address was activated by Bithumb. Following the transaction, this address holds a balance of 260.57 million XRP. The 100 million XRP transaction represents its only outflow today, as it has only been receiving thousands of XRP from other Bithumb addresses.
The recipient address was also activated by Bithumb, data shows. Its balance after the transaction currently stands at 144.47 million XRP. The 100 million XRP transaction is its only inflow today. Unlike the sending address, the recipient address has been offloading its assets to other exchanges such as Binance in a series of transactions.
The recent 100 million XRP transfer is the single biggest transaction indexed by Whale Alert in over a month, excluding Ripple’s escrow-related transactions. The last time such a large amount of XRP moved was on April 27 when a whale transferred 105 million XRP from Bitstamp to a Ripple-affiliated address.
XRP Faces Declines
This 100 million transaction comes up at a time when the price of XRP is facing declines. Notably, the asset has plummeted by 4.57% in the past 24 hours. This makes XRP the second biggest loser among the top 100 assets. XRP’s decline persists despite the recovery stationed by most altcoins.
Moreover, the release of Hinman’s documents has done little to provide support for XRP’s price. Following the release, XRP skyrocketed to $0.56 yesterday but immediately dropped. With a 7-day drop of 5%, XRP is currently trading for $0.5044. Despite this decline, XRP’s social volume has continued to increase.
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