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150 Million XRP Mystery Spotted on Ripple Wallet

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Tue, 9/07/2024 - 12:02
150 Million XRP Mystery Spotted on Ripple Wallet
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Today, Whale Alert reported a significant movement of 150 million XRP between two addresses. One of the addresses involved in the transaction remains unknown, while the other belongs to Ripple.

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Digging into on-chain data provided by Bithomp reveals that the recipient address, "rP4X2h," linked to the alleged Ripple wallet, was initially activated in 2023, with a transfer of 70 million XRP. Prior to this transaction, the address already held 103.4 million XRP.

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Shortly after receiving an additional 200 million tokens, 50 million XRP were swiftly transferred to another unknown address, "rhWt2bh."

XRP price outlook

Given the connection to Ripple and the substantial size of the wallet, speculation arises whether this address is owned by the company or one of its partners.

Whether Ripple just moves XRP from one pocket to another, or sells it, is irrelevant without an outlook on the price of the coin. XRP's price action this week has been a roller coaster ride. After a positive jump at the beginning of the week, the cryptocurrency has undergone a correction. 

However, the price has recovered partly since then.

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XRP to USD by CoinMarketCap

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As of today, July 9, 2024, XRP is trading in a zone that some analysts consider risky. While the exact price may vary depending on the source, it is clear that XRP has retreated from its initial gains.

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