Payment giant Ripple shuffled 200,000,000 XRP between its wallets, raising speculation within the community.
As
reported
by market tracking resource Whale Alert, the transaction involved a Ripple-tied wallet, with the tracking platform dubbing the recipient address unknown. The sending Ripple address “
rBg2Fu
” transferred 200,000,000 XRP, valued at $109 million at the time, to the receiving address “
rP4X2h
” on Monday by 20:28 UTC.
Transaction Analysis
Data from Bithomp shows that the two addresses have repeatedly shuffled XRP in between them in the past. Notably, the receiving address, which Whale Alert tagged as an unknown wallet, has often received funds from the sending address and shuffled them to other wallets.
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For context, the Ripple-labelled sending address
transferred
200 million XRP to the receiving address on September 23, valued at $117.6 million at the time. This came ten days after the sending address moved 150 million XRP to the same address.
Data shows the receiving address also has an affiliation with Ripple, with its activities causing concern among the XRP community. Notably, the receiving address has constantly been a medium through which Ripple moves XRP to external wallets, particularly exchanges.
https://x.com/thecryptobasic
For instance, on October 8, the wallet
transferred
100 million XRP to a dumping wallet, which then moved the asset to exchanges like Bitstamp and Bitso. The address also made a similar transaction on September 19,
moving
100 million XRP to the selling wallet.
Meanwhile, the wallet still holds the 200 million XRP it received on Monday. At the time of writing, the wallet has 254.4 million XRP, valued at $138 million, in its possession.
XRP Market Reaction
Amidst community skepticism following the transfer, XRP remains largely unperturbed. The 7th largest crypto asset by market cap corrected under 1% in the past 24 hours and trades at $0.544 at the time of writing after retracing from the $0.56 high yesterday.
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Notably, XRP is down 9% in the past month despite the prevailing bullish sentiments in the crypto market. For context, Bitcoin and
Shiba Inu
are up 7.30% and 26%, respectively, in the same timeframe.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.