Whale Moves 240M+ XRP Worth $127M as Price Battles $0.53

A recent financial audit reveals a whale moved 240.85 million XRP to an unknown wallet as XRP’s price battles to retain the $0.53 level.

According to on-chain data sourced by Whale Alert, a blockchain tracking service, the whale transaction, which had a monetary value of $127 million, was executed from Coincheck, a Japanese exchange. Data indicates that the recipient address is unknown.

🚨 🚨 🚨 🚨 🚨 🚨 240,850,537 #XRP (127,054,365 USD) transferred from #Coincheck to unknown wallethttps://t.co/9IWhabU8UA

— Whale Alert (@whale_alert) May 23, 2024

Detailed XRP Transaction Breakdown

According to blockchain records, the transaction occurred today at 07:13 UTC. Interestingly, this transfer is not an isolated incident, as reports indicate that the same recipient wallet was involved in another major transfer just days earlier. 

As reported by Crypto Basic on Monday, Coincheck moved 250,000,000 XRP, valued at $129,015,796 at the time, to the same wallet. This activity has drawn attention due to the consistent high-volume transfers to this recipient address.

CoinCheck Linked to Recipient Wallet

Coincheck’s association with the recipient wallet dates back to February 2024, when the exchange initially activated the wallet. Since then, the address has consistently received large XRP transfers from the Japanese exchange. 

Records suggest the wallet belongs to Coincheck, which would make these transfers cases of in-house movements. Notably, the wallet has only moved out 300K XRP since then, raising questions about its purpose and the ultimate destination of the funds. It currently holds 602 million XRP tokens.

Meanwhile, the latest whale transaction occurs at a time when XRP is battling to reclaim and retain the $0.53 price threshold amid the market lull. The current price of XRP is $0.5248, reflecting a 1.95% decrease in the last 24 hours. Additionally, trade volume in the past 24 hours is $1,128,713,764, marking a 30.05% decrease.