XRP worth millions of dollars has exchanged hands between Ripple and an unmarked address amid a sideways price trend.
While the market dumped, Ripple moved XRP. Whether it is selling or just shuffling, the hefty transaction has made the rounds within crypto circles.
Whale Alert pointed to this transaction in a tweet on Monday, which involved the cross-border payment giant and an unidentified wallet. Specifically, a wallet tied to the firm moved 200 million XRP to a new destination.
Transaction Details
Further analysis shows that the sending Ripple address was the “rBg2Fu” wallet, marked as Ripple (1) on XRPScan. At exactly 17:23 (UTC) on August 18, it moved 200,000,000 XRP, worth $606.2 million, to the receiving address “rJqiMb.”
While Whale Alert suggested that the recipient was an unknown address, data from XRPScan marked the address as Ripple (50), confirming it was another Ripple-affiliated wallet.
This indicates that the Monday transaction was an internal XRP move by Ripple. Notably, the firm does this for several purposes, such as to provide liquidity for its settlement venture, fund institutional deals, or merely shuffle reserves.
Nonetheless, the Ripple (50) address has a history of shifting received funds to another unmarked address, “raRVLN.” This wallet has usually transferred them to Binance for possible sales. As a result, while it still holds on to the stash at the time of writing, the 200M XRP received could end up on exchanges.
Shift Follows XRP Price Uncertainties
Meanwhile, what was more speculative about the internal shift was that it came on the back of a poor start to the week by the broader crypto market. Notably, Bitcoin dumped to $114,700 on Monday as long-term holders shifted $3.7 billion in BTC.
The onslaught did not spare XRP, which briefly fell below the $3 support before rebounding to trade at $3.01 at the time of writing. Notably, XRP has now dumped 21.6% from a high of $3.66 reached on July 18.
Remarkably, analysts have emphasized that XRP needs to reclaim levels between $3.30 and $3.40 or face further downsides to $2.60 or even $2. Nonetheless, there is strong support at $2.81, where 1.7 billion XRP serves as a demand wall.
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