431,000,000 XRP On the Move After This Major XRP Development

Whales shifted substantial amounts of XRP amid recent bullish development around the XRP ecosystem, sparking speculations among the community.

The US Securities and Exchange Commission (SEC) has acknowledged the 19b-4 filing by the NYSE Arca for Grayscale’s XRP ETF application. Following the recognition, whale wallets shifted millions of XRP to new addresses.

Whale transaction tracker Whale Alert confirmed that about 431,000,000 XRP exchanged hands among five wallets. Notably, the platform acknowledged one of them as a Ripple address and another as a Coincheck exchange wallet, raising speculation among the XRP community.

Transaction Background

At exactly 22:25 (UTC) on Thursday, Ripple moved 300 million XRP to the receiving address “rP4X2hTa.” At the time of the transfer, the tokens were worth a staggering $776.7 million.

Although termed an unknown address, watchers who follow Ripple’s on-chain transactions can readily identify the wallet. The address has been central to most XRP transfers from the cross-border payment giant.

For context, the receiving wallet was involved in another high-caliber XRP shift early last month, receiving the same amount as yesterday’s transfer from the same sending address.

Also, the same address received 380 million XRP from a Ripple wallet in December, confirming its wide use by the firm. Meanwhile, data from Bithomp suggests that Ripple owns the wallet, as the fintech giant activated it with 70 million XRP in October 2023.

Receiving Address Moves 90 million XRP

Roughly 20 minutes after receiving 300 million XRP from Ripple, the address moved 90 million XRP to another unknown address. Data shows that the transaction occurred at 22:43 (UTC) on Thursday, with the tokens in question worth $230 million.

The receiving address “rhWt2bhR,” marked as an unknown wallet, also has strong ties with Ripple. As the sending address, it has also participated extensively in Ripple’s on-chain XRP movements.

For context, the address received 100 million XRP from the same sending address in October and subsequently moved them to external wallets. Most recently, Bithomp indicated a 20 million XRP transaction between the two addresses three days ago.

Coincheck Moves 41 million XRP

While the community was still speculating on yesterday’s large XRP transfers, the Japanese-based crypto exchange Coincheck transferred 41 million XRP ($104.6 million) to an unidentified address today.

The transaction, which occurred at 05:53 (UTC) on Friday, saw the platform transfer the tokens to a newly created address, “rN5DAdx6F.” Notably, the exchange seems to be the wallet’s owner, as Bithomp shows it activated the account today with an initial test transfer of 30 XRP before the $104.6 million worth of XRP.

Reactions have trailed these movements, with some suggesting a large-scale sale could be imminent. Meanwhile, XRP has remained largely untroubled by these significant shifts. The third-largest cryptocurrency by market cap bounced after the SEC acknowledged NYSE Arca’s 19b-4 filing on Grayscale’s behalf and has retained most of its gains.

At press time, XRP trades at $2.55, up 4.5% in the past 24 hours.