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Ripple Shifts Gigantic XRP Chunk to Anon Wallet, Here's How XRP Price Reacts

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Tue, 28/11/2023 - 10:47
Ripple Shifts Gigantic XRP Chunk to Anon Wallet, Here's How XRP Price Reacts
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Blockchain platform Whale Alert, which reveals various nuances of large transactions with the crypto community on a regular basis, has spread the word about two astounding XRP transfers, carrying more than 126 million XRP together.

The bigger of these two is the XRP transferred by Ripple Labs as it sent $48 million in XRP to a blockchain address with an unregistered owner. The second one was made by an unknown address to major crypto trading venue Bitstamp. In the meantime, the XRP price has dropped approximately 5%.

Ripple decacorn shifts 80 million XRP

The aforementioned blockchain sleuth shared that over the past 24 hours, two massive chunks of XRP have been moved – 80,000,000 and 26,700,000 XRP. They were evaluated at $48,113,219 and $15,975,855 at the time of the transfers.

The initiator of the 80 million XRP transfer was San Francisco-based fintech behemoth Ripple, and it moved $48.2 million worth of crypto to a wallet that Whale Alert tagged as unknown. This was also the most recently made transaction of the two – Ripple shoveled its coins nearly four hours ago.

Details shared by XRP explorer Bithomp reveal that the receiver wallet also belongs to Ripple Labs; therefore, this transaction becomes an internal transfer.

Earlier, U.Today covered that crypto behemoth Ripple has been moving such large amounts of XRP at least once a month recently. The goal of this transfer is unclear, however, possible reasons may include sending XRP further from that internal wallet to an institutional customer, to a crypto exchange for converting XRP into fiat to cover the company's operational expenses.

Another option is that Ripple could send these 80 million XRP to one of the platforms that collaborate with it on its "Ripple Payments" project formerly known as On-Demand Liquidity (ODL).

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Here's who stands behind XRP transfer to Bitstamp

The second transfer of 26,700,000 XRP was made to Bitstamp a lot earlier – nearly 12 hours ago. However, again citing Bithomp's data, the transfer was made by Ripple-related address r4wf7enWPxyHtbizyV7ZHiZi5XgwHh4Rzn.

Large XRP transfers, carrying tens of millions of coins, have been going to Bitstamp (and also to Mexican crypto unicorn Bitso) nearly every day from anonymous wallets, and also, every single week over the past three months.

Bitso and Bitstamp are both partners of Ripple as they provide corridors for "Ripple Payments" transfers. This system runs on the RippleNet network and utilizes XRP for fast and low-cost international transactions.

XRP price fluctuating

Over the past three days, Ripple-affiliated cryptocurrency XRP has seen a decline of more than 5%, dropping from the $0.63584 level to the $0.59865 price mark.

On Monday and Tuesday it tested the support at $0.59682, and both times, it rose after that. Today so far, XRP has printed a red candle on the hourly chart, exchanging hands at $0.059811 on the Bitstamp exchange.

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