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80 Million XRP Transferred Within One Hour, Here's What It Was

Tue, 12/07/2021 - 13:27
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Arman Shirinyan
A large number of XRP coins were transferred from the project's official wallet to exchange
80 Million XRP Transferred Within One Hour, Here's What It Was
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A series of large XRP coin transactions have appeared on the blockchain prior to the cryptocurrency market recovery. The total value of transferred funds equals approximately $76 million.

Three transactions appeared on the blockchain 15 hours ago, right before the recovery on the crypto market began. At that time, XRP was trading at $0.80 without any significant movements noticed on the market.

Official account transaction

The first transaction of 40 million XRP has been made from the official Ripple account to an unknown wallet that now holds 30 million coins. The transacted coins were not sitting in the wallet for a long time and were almost immediately transferred to another anonymous wallet, which then sent funds to a centralized exchange.

Whale Alert Page
Source: WhaleAlert

Community members have assumed that Ripple used two unknown wallets to sell their holdings on the exchange without making a direct transaction to the exchange's address.

1.8 million sell order

While the official account's transaction was made with the help of two unknown wallets, the next transaction is less suspicious and more direct. The anonymous whale transferred 20 million coins to the Bitso exchange 15 hours ago and receive almost the same amount back only an hour later.

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According to the fund's movement, this person, for whatever reason, transferred 20 million to the centralized exchange, left 1.8 million coins in the exchange's hot wallet and transferred 18.2 million coins back to his own wallet. The reason behind such unusual fund movement remains undisclosed.

The coins themselves have not reacted to large funds movements with high volatility and have remained in the same trading range. At press time, XRP trades at $0.81 with negative 0.7% 24-hour performance.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.