A wallet address tied to Ripple shifted millions of XRP to another wallet, raising mixed reactions within the community.
On-chain tracker Whale Alert reported the notable XRP shift in a Thursday tweet. Per the post, a wallet affiliated with payment giant Ripple has offloaded 300,000,000 XRP worth $682 million to another address.
Sell Off or Just Shuffle?
Further details show the transaction happened at 20:16 (UTC) on January 8 between a Ripple address and what Whale Alert reported as an anonymous wallet. Sending address “rBg2Fu” shifted 300 million XRP to receiving address “rP4X2h.”
Although Whale Alert reported the receiving address as unknown, further analysis shows the wallet is related to Ripple. The cross-border payment solution activated the address with 70 million XRP in 2023 and has used the wallet for a considerable amount of its on-chain transactions.
Meanwhile, the wallet still held a chunk of the received funds at press time. Despite moving 6 million XRP, it has 409 million XRP worth $945 million.
Other Transactions Involving the Receiving Address
The Crypto Basic reported another transfer confirming the receiving address’s relevance in Ripple’s on-chain settlements. At the time, the address received 200 million XRP from the same recent sending address.
In another transaction, the “rP4X2h” received 380 million XRP ($915 million) on December 11 from “rMQ98K,” another wallet tied to Ripple.
Also, in October, the address moved 100 million XRP to another Ripple-affiliated wallet. The wallet shifted the XRP, worth $53 million then, to “rhWt2b.”
Mixed Reactions Trail Transfer
Meanwhile, the latest transaction sparked mixed sentiments within the XRP community. Some perceived the shuffle as bullish, while others argued a whale was selling its stash amidst the market downturn.
An enthusiast caught between the brawl sought clarity, asking if the Ripple shift insinuated an incoming dump and pump. However, he suggested it looked more like someone was readying to sell some XRP.
In the meantime, XRP trades at $2.310, rebounding slightly from its lows yesterday. The digital asset is up 2% from its $2.272 close on Thursday.