Ripple Makes Large XRP Transfer, Sends Millions to Bitso
Blockchain payment firm Ripple has moved a substantial amount of XRP, transferring 19.7 million tokens to the crypto exchange Bitso.
Leading crypto tracking service Whale Alert highlighted the transaction, noting that the 100 million XRP was valued at $57.92 million during the transfer.
Transaction details
Data from Bithomp reveals that the sending wallet, rP4…xv3, moved the 100 million XRP to the wallet rhW…2hk, both of which are marked as unknown on the XRP Ledger explorer.
The sending wallet has been active this week, making significant transfers to different addresses. Notably, on September 17, it transferred 50 million XRP to the same recipient address.
As of now, the sending wallet holds a balance of 50.181 million XRP. Although Whale Alert labels the sending address as unknown, data suggests it is associated with Ripple.
Potential Selling Pressure?
This recent whale activity has raised concerns among XRP enthusiasts, with some speculating that the recipient wallet may sell off the tokens soon.
It means dumps are imminent pic.twitter.com/sh6ncnhExX
— GripeCoin (@gripecoin) September 18, 2024
These concerns seem to be materializing as data from Bithomp confirms that the wallet owner has begun making significant moves. Shortly after receiving the 100 million XRP, the address transferred 19.957 million XRP to another Ripple wallet.
Interestingly, the Ripple wallet then sent the 19.957 million XRP tokens to two different exchanges. Specifically, 19.7 million XRP went to the Bitso exchange, followed by 257,000 tokens to Bitstamp six minutes later.
Notable XRP Whale Transactions
The Crypto Basic has reported several XRP-related whale transactions since the beginning of this month. For instance, on September 5, an unknown whale deposited 95 million XRP on Binance. Two days later, another whale transferred 105 million XRP to an unlabeled address.
Currently, XRP is trading at $0.5858, marking a 9.09% increase in the weekly charts. The seventh-largest cryptocurrency has also experienced a modest rally of 1.98% in the past 24 hours.