An address belonging to blockchain payment firm Ripple shuffles 100 million XRP, transferring 19.7 million tokens to crypto exchange Bitso.
Leading crypto tracking service Whale Alert indexed the transaction in a tweet yesterday, emphasizing that the 100 million XRP was worth $57.92 million at the time of the transfer.
Transaction Details
Data from Bithomp shows that the sending wallet, rP4…xv3, moved the 100 million XRP to the wallet rhW…2hk, with both addresses tagged as unknown by the XRP Ledger explorer.
Notably, the sending wallet has been active throughout this week, moving huge chunks of XRP to different addresses. One notable transaction occurred on September 17, when the address transferred 50 million XRP to the same recipient address.
At the time of writing, the sending wallet boasts a balance of 50.181 million XRP. Although Whale Alert labeled the sending address as unknown, data suggests that the address has an affiliation to Ripple.
Dump Incoming?
In the meantime, the large whale activity has triggered fresh concerns among XRP enthusiasts, with some users speculating that the recipient wallet could dump the tokens soon.
It means dumps are imminent pic.twitter.com/sh6ncnhExX
— GripeCoin (@gripecoin) September 18, 2024
These concerns are gradually becoming a reality as data from Bithomp confirms that the owner behind the wallet has started making big moves. A few minutes after receiving the 100 million XRP, the address moved 19.957 million XRP to another Ripple wallet.
Interestingly, shortly after receiving these tokens, the Ripple wallet moved the 19.957 million XRP tokens to two different exchanges. Notably, Ripple first transferred 19.7 million XRP to the Bitso exchange, then moved 257,000 tokens to Bitstamp six minutes later
XRP Whale Transactions
Meanwhile, The Crypto Basic has reported several XRP-related whale transactions since the beginning of this month. In particular, on September 5, we reported that an unknown whale deposited 95 million XRP to Binance. Another whale transferred 105 million XRP to an unlabeled address two days later.
In the meantime, XRP is currently trading at $0.5858, representing a surge of 9.09% in the weekly charts. The seventh-biggest cryptocurrency has also staged a slight rally of 1.98% in the past 24 hours.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
