XRP Takes a 4% Hit as Ripple Transfers Whooping 200M XRP
The recent XRP price drop is largely attributed to a broader cryptocurrency market crash. Notably, Whale Alert detected the movement of 200 million XRP, valued at $118.9 million, from a Ripple wallet to an unknown address “rP4…xv3.”
Overview of the Whale Activity
Bithomp, a XRPL explorer, confirmed the occurrence of this transaction at 19:30 UTC yesterday, with the recipient address “rP4…xv3” also associated with Ripple. Following this, Ripple continued moving significant amounts of XRP to centralized exchanges.
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Subsequently, “rP4…xv3” transferred 100 million XRP to another address “rhW…2hk,” which also appears to be associated with Ripple. Further investigation revealed the consistent movement of millions of XRP from “rP4…xv3” to “rhW…2hk” on multiple occasions.
Following the recent 100 million XRP transaction, “rhW…2hk” sent 16.4 million tokens to another Ripple address, “r4w…Rzn,” which then moved the tokens to the Bitso exchange. Notably, “r4w…Rzn” has a history of being used for exchange deposits by Ripple.
Whale Alert also highlighted an outflow from “r4w…Rzn” involving Bitstamp, where 25.45 million tokens worth $15 million were transferred. In summary, Ripple shuffled 200 million XRP within its internal wallets and transferred a total of 41.85 million tokens to Bitso and Bitstamp. These funds could potentially be utilized for ODL transactions or other operational needs by Ripple.
Price Action
This pattern of movements aligns with a notable drop in XRP’s price, as it has declined by 3.71% over the past 24 hours, currently trading at $0.5710. This bearish trend is consistent with broader market declines, with BTC down 6% and ETH down 8% within the same timeframe.
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Michael Onche: Crypto aficionado and seasoned analyst. With a keen eye for market trends and a passion for blockchain technology, he deciphers the intricacies of cryptocurrency with precision. Michael’s expertise and insightful content make him a trusted guide for navigating the dynamic world of digital assets.
