Ripple Sells 100 Million XRP to External Parties

XRP Ripple

A wallet linked to Ripple has transferred 100 million XRP to an unidentified address. The transfer, highlighted by Whale Alert on Thursday, involved moving 100,000,000 XRP, valued at around $53 million, from one unknown address to another. This transaction took place at 21:50 UTC yesterday.

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Naturally, this large transaction drew attention from participants in the crypto market, especially due to the involvement of unknown entities and the significant amount of XRP transferred. Further investigation into blockchain records provided some clarity on the origin of the transaction.

XRP Wallet Movement Raises Questions

A notable movement of 100 million XRP has caught the attention of observers in the cryptocurrency community. According to data from XRP explorer Bithomp, the transaction originated from a source wallet with the initials “rP4X2hTa,” which had received the XRP from Ripple just two days prior. Notably, this wallet has a history of distributing XRP in various amounts, including multiples of 50 million and smaller portions.

As of the latest update, the destination wallet for the 100 million XRP, identified as “rhWt2bhRq,” has not made any further transactions with the funds. However, this wallet has previously received substantial inflows of XRP from the source wallet “rP4X2hTa” and subsequently distributed portions of these tokens. For example, it received 50 million XRP on Wednesday and proceeded to transfer over 30 million XRP shortly after.

Ripple’s XRP Transactions Draw Attention

1. Destination Wallet Indicates External Transfer: The wallet labeled as “rhWt2bhRq” has shown no recent activity involving inflows or outflows from Ripple. Unlike the source address of the recent 100 million XRP transfer, this address was not activated by Ripple. This suggests that the payment firm may have transferred approximately $53 million worth of XRP to an external address.

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2. Ripple’s Previous Transactions Noted: Ripple’s transfer of 100 million XRP on Wednesday has not escaped notice. The development was highlighted by Crypto Basic, drawing attention to the significant movement of XRP by the payment firm. This transaction follows a similar transfer made by Ripple to the wallet “rP4X2hTa” just a week earlier. In total, Ripple has distributed at least 200 million XRP from the escrow unlock of April.

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Significant XRP Transfers Detected

Ripple is not alone in the recent movement of large amounts of XRP across various wallets. Whale Alert, a platform that tracks significant cryptocurrency transactions, has reported a transfer of $14 million worth of XRP from Binance to an undisclosed destination. Similar transactions involving substantial dollar values have also been observed with exchanges Bitstamp and Bitso.

In the past 48 hours, there has been considerable activity involving XRP transfers in and out of exchanges. Cumulatively, over 172 million XRP, valued at approximately $93 million, have been moved among different exchange platforms. These movements suggest significant market activity and the potential for large-scale transactions impacting XRP’s price and market dynamics.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


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