Ripple Whales Move Almost 1 Billion XRP Following The SVB Exposure

The recent update revealed that a massive amount of XRP was moved within a short period following the SVB exposure, while FDIC Affirms It Would Cover All Deposits. This massive movement prompted questions from the community, thinking about what could have been the cause of such a staggering transaction.

Data suggests that up to 916.3 million XRP was shuffled in eight transactions, with Ripple accounting for 200 million tokens.

Ripple Whales Take Massive Move Of XRP, Today Marks SVB Exposure

  • The massive transaction commenced by the Silicon Valley firm, transferring a sum of 200 million XRP ($72.7 million) to an unknown address on Sunday at 18:31 (UTC). The receiving address was activated by Ripple, indicating an affiliation with the firm.

Read Also: While Relist XRP Came In Response To Coinbase’s Attempt Of Launching Crypto Advocacy, Uphold Lists The Token

Analysis revealed that the recent XRP moves were part of the  1 billion XRP tokens released from escrow this month. Ripple sent 300 million XRP to an affiliated address on March 1, shortly after unlocking the tokens from escrow. It was believed that the token was moved to cater for liquidity.

  • Not long after the first transaction, another showed up to move a whopping 245.5 million XRP ($88.9 million) on the same day at 18:35 (UTC). It bears mentioning that, though the sending wallet remains unidentified, data suggests that it was activated by an official Ripple address.

  • According to the tweet shared by the Whalestat, the recipient of the recent transaction sent the received amount and some additions to another unknown wallet two minutes later. This transaction amounted to 278.5 million XRP ($100.8 million).

Read Also: XRP Market Faces Buying Pressure As It Enters Top 10 Purchased Tokens Among 500 BSC Whales

  • Whale Alert further highlighted another transaction involving an internal transfer between two Bitso accounts. The addresses shuffled 31.3 million XRP ($11.3 million) at 19:15 (UTC).

  • The rest of the transaction was made by a Single Bittrex-affiliated address which claims a total of 161 million XRP to several Bitstamp accounts in four transactions. The first transaction was 44 million XRP while the last claimed 51 million XRP.

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