Ripple transfers 150 million XRP to an external wallet, a move coinciding with a 4% surge in XRP’s value over the past day.
Prominent crypto payment company Ripple recently took steps to cash out XRP tokens it holds amid recent gains in XRP’s market. Automated market tracker Whale Alert first called attention to the development in a post on X.
According to the update, Ripple moved out 150 million XRP assets to an unidentified wallet yesterday May 13, at 18:24 UTC. At the time of the disclosure, the tokens had a monetary value of $75,790,534.
🚨 🚨 🚨 🚨 150,000,000 #XRP (75,790,534 USD) transferred from #Ripple to unknown wallethttps://t.co/XwAM9rj8M7
— Whale Alert (@whale_alert) May 13, 2024
Ripple Moves 100M XRP to External Wallet
Meanwhile, further investigation from The Crypto Basic confirms that the recipient address with the initials “rP4X2hTa7A,” though tagged unknown, was activated by Ripple. Moreover, data from XRP explorer Bithomp shows that this wallet has a long history of interacting with Ripple’s publicly known XRP addresses.
For instance, on April 24, wallet “rP4X2hTa7A” received 100 million XRP from Ripple, which it later distributed piecemeal to other external addresses. Similarly, upon the receipt of 150 million XRP yesterday, it moved out 100 million tokens to the XRP wallet “rhWt2bhRq.”
This second movement occurred precisely one hour after the first transaction, and Whale Alert documented it.
🚨 🚨 🚨 100,000,000 #XRP (50,776,737 USD) transferred from unknown wallet to unknown wallethttps://t.co/ovSxim8d3M
— Whale Alert (@whale_alert) May 13, 2024
Notably, Ripple has repeatedly used the wallet ‘rP4X2hTa7A’ to distribute XRP tokens to external addresses such as ‘rhWt2bhRq.’ Essentially, of Ripple’s latest XRP transfer, which involved 150 million, 100 million were offloaded to the external address ‘rhWt2bhRq.’ This was the same wallet Ripple used to offload 100 million XRP on April 25.
It is worth mentioning that since Ripple unlocked 1 billion XRP for May in its usual monthly escrow unlock, this is the first instance this month that the payment company has transferred parts of the unlocked tokens to an external destination.
Sell-off Amid XRP Gains
Given the scale of the assets moved from Ripple, community members reacting to the update conveyed the sentiment that the payment firm was again “dumping on retail.” This sentiment emerged considering the timing of the Ripple transaction.
In particular, while XRP registered an intraday low of $0.4916, the asset has since advanced by 3.99% to the daily peak of $0.5112. Ripple’s movement of 100 million XRP to an anonymous wallet coincides with this uptick.
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