Leading Japanese Exchange Shuffles 100,000,000 XRP Amid Price Recovery

Coincheck, a leading Japanese exchange and wallet provider, shuffles 100 million XRP transfer worth $51.89M amid the ongoing price recovery.

On May 16, Whale Alert, a platform dedicated to tracking whale transactions, identified a notable transfer of 100 million XRP, equivalent to $51,892,868, today at 05:32 UTC. The transaction originated from a Coincheck wallet to an unknown wallet.

🚨 🚨 🚨 100,000,000 #XRP (51,892,868 USD) transferred from #Coincheck to unknown wallethttps://t.co/wUtyvbs8YO

— Whale Alert (@whale_alert) May 16, 2024

History of XRP Movements

A review of the sender’s transaction history reveals a pattern of significant transfers. On May 14, the sender transferred 230,000 XRP with a transaction fee of 0.15 XRP to the trading platform Coincheck.

Two days earlier, on May 13, the same wallet moved 10 million XRP to the recipient address. Additionally, on May 10, 80,000 XRP was sent to Coincheck, and on May 9, 2024, a nominal 0.10 XRP was transferred to Coincheck.

Following the latest transaction, the recipient’s wallet holds a balance of 111 million XRP. The frequent involvement of this address in transactions with Coincheck indicates a strong transactional relationship. 

In addition, Bithomp data indicates that the recipient address was activated by Coincheck, suggesting an affiliation with the exchange. As a result, the latest fund movement is likely an in-house shuffling carried out by Coincheck.

Notably, the transfers occur at an XRP price of $0.5176. XRP has increased 3.83% in the last 24 hours but has seen a slight decline of 0.22% over the past week. Activity has further been proven by XRP’s 24-hour trading volume of approximately $950.45 million. 

Whale Accumulation Patterns

Recent months have witnessed significant XRP whale activity. On May 15, The Crypto Basic reported that whales have accumulated 540 million XRP, valued at over $270 million, in the past five weeks.

Ali Martinez highlighted this trend using data from Santiment, noting that addresses holding between 1 million and 10 million XRP have increased their holdings by 110 million XRP, worth $55 million, in the last two weeks alone.

XRP’s price saw a substantial increase earlier this year, rising 53% from $0.4853 on January 31 to a high of $0.7440 on March 11. However, this rally hit resistance, leading to a price drop, exacerbated by market-wide turbulence. During this downturn, whales began accumulating XRP, taking advantage of the lower prices.

Data from Santiment indicates that whales holding between 10 million and 100 million XRP tokens have significantly increased their holdings. Despite the market volatility, these large investors continue to acquire XRP.