447,507,758 XRP Moves On-Chain Between Ripple and Unknown Wallets as Volume Slips

XRP whales were at work over the weekend, transferring at least $296 million worth of the coin on-chain in 24 hours, with some of the movements coming from Ripple.

Data from Whale Alert shows this movement came in two batches, featuring unknown wallets and an address linked to Ripple. In total, 447,507,758 (447M) XRP moved. Despite the massive transactions, XRP’s trading volume has slipped by 35.59% to $1,017,085,371. However, it bears mentioning that whale movements do not contribute to trade volume.

Insight into the Mega XRP Transfers

Per the Whale Alert data, the first transfer saw 424,307,758 XRP worth $281,090,947 moved on-chain. This transfer came from a newly activated address with no known identity. 

One intriguing fact about this wallet rests on the fact that it was activated with the 424 million XRP transfer. After the wallet’s activation, it sent 1.5 million XRP to Bitvavo before sending the rest to another unknown wallet.

The second transfer features 23,200,000 XRP worth $15,383,977, implying an average sending price of $0.6631 per XRP. A closer look at the Bithomp explorer shows that these funds came from a Ripple-affiliated wallet and moved to a Bitstamp-based address.

This Ripple-owned wallet has initiated a series of transfers to exchanges like Bitstamp and Bitvavo, proving this current transfer is not its first rodeo. 

While Ripple did not expressly label the purpose of this latest transfer, it is notably linked to a possible selloff, a basic explanation attributed to many of the related transfers that take this format.

XRP Bears Respond

The movement of millions of XRP occurred when the digital currency faced a correction. Whether or not the latest transfers triggered selloff fears, like the ones before it, remains unknown; however, XRP has fallen by 1.84% to $0.6562.

The coin’s market cap has also dropped by the same percentage to $35,207,510,542. While proponents consider this fall a healthy correction, the belief is that ingrained fundamentals within the XRP ecosystem will help trigger a rebound soon.