A significant amount of XRP has been moved by Ripple, the payment giant, during a market correction. According to Whale Alert, a market tracking resource, Ripple transferred 200 million XRP, valued at $117.6 million, to an unknown address on Monday. The transaction took place at 15:41 UTC, with the sending address being “rBg2F…fo91m” and the receiving address being “rP4X…Kvx3”. While Whale Alert labeled the receiving address as unknown, an investigation by The Crypto Basic revealed that it is actually affiliated with Ripple and has been involved in most of the payment giant’s on-chain transactions.
Further examination of the transaction details revealed that the receiving address had previously received another batch of XRP tokens from the same sending address on September 13. On that occasion, 150 million XRP, worth $85.3 million, were transferred. The on-chain data also indicated that the receiving address is frequently used by Ripple to move funds to exchanges. For example, it recently moved 100 million XRP ($19.7 million) to Bitso, and on September 20, it transferred 500 million XRP, valued at $289.7 million, to the same exchange. As of now, the wallet holds 249 million XRP.
The XRP shuffle occurred at the same time as a broader market correction, which caused XRP to decrease by 1% to $0.586 in the past 24 hours. After experiencing a bullish uptrend over the weekend and reaching $0.6075, the token has corrected by 3.5%.
Despite the correction, analysts remain optimistic about XRP’s future. Market speculator Steph predicts that the XRPL native token could surge to $0.7 if it manages to break the $0.6 resistance level.
It is important to note that this article is for informational purposes only 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 their own research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.