Ripple, a prominent crypto payment company, has recently made a significant move by transferring 150 million XRP tokens to an external wallet. This decision comes at a time when XRP’s market value has seen a 4% surge in the past day. The news was brought to light by automated market tracker Whale Alert in a post on X.
According to the update, the transfer took place on May 13 at 18:24 UTC, with the tokens having a monetary value of $75,790,534 at the time. The recipient address, initially unknown, has been identified as “rP4X2hTa7A” and was activated by Ripple. Further investigation by The Crypto Basic reveals that this wallet has a history of interacting with Ripple’s publicly known XRP addresses. In fact, on April 24, it received 100 million XRP from Ripple, which it later distributed to other external addresses. Similarly, after receiving the 150 million XRP, it moved 100 million tokens to the XRP wallet “rhWt2bhRq” exactly one hour later.
It is important to note that Ripple has consistently used the wallet “rP4X2hTa7A” to distribute XRP tokens to external addresses like “rhWt2bhRq.” In this latest transfer of 150 million XRP, 100 million was sent to the external address “rhWt2bhRq,” just as Ripple did on April 25.
It is worth mentioning that this is the first instance in May that Ripple has transferred parts of the unlocked tokens to an external destination, following the unlocking of 1 billion XRP as part of its monthly escrow unlock.
The timing of Ripple’s transaction has led some members of the community to express concerns that the payment company is “dumping on retail.” This sentiment arises from the fact that XRP’s value has seen an increase of 3.99% since reaching an intraday low of $0.4916, aligning with Ripple’s movement of 100 million XRP to an anonymous wallet.
Disclaimer: This article provides information and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic assumes no responsibility for any financial losses incurred.