A digital wallet connected to the cryptocurrency Ripple has initiated the transfer of 100 million XRP to an unidentified address. On Thursday, a popular crypto tracking service called Whale Alert brought attention to the movement of 100 million XRP, equivalent to around $53 million, from an unknown address to another anonymous destination. The transaction took place at 21:50 UTC the previous day.
Naturally, this transfer caught the attention of participants in the crypto market due to the involvement of unknown entities and the large amount of XRP being moved. However, after examining blockchain records, it was discovered that Ripple was the source of the 100 million XRP.
According to XRP explorer Bithomp, a wallet with the initials “rP4X2hTa” received the 100 million XRP from Ripple two days ago. This wallet has since distributed the XRP in increments of 50 million and smaller amounts, in addition to the recent transfer. The destination wallet “rhWt2bhRq” has not yet unloaded the funds. Interestingly, this wallet has previously received millions of XRP from “rP4X2hTa” and distributed them further. For example, it received 50 million XRP on Wednesday and transferred over 30 million XRP a few hours later.
It is worth noting that the destination wallet “rhWt2bhRq” has not had any recent inflows or outflows from Ripple. Additionally, unlike the source wallet, it was not activated by Ripple, suggesting that the payment firm has offloaded $53 million worth of XRP to an external address.
The Wednesday transfer of 100 million XRP by Ripple has not gone unnoticed. Crypto Basic, a prominent cryptocurrency publication, highlighted this development. This transaction comes a week after Ripple distributed a similar value of XRP to “rP4X2hTa.” In total, the well-known payment firm has distributed at least 200 million XRP from the April escrow unlock.
Interestingly, Ripple is not the only entity moving large amounts of XRP between wallets. Whale Alert also reported the transfer of $14 million worth of XRP from Binance to an unidentified destination. Similar transactions involving exchanges Bitstamp and Bitso were also observed, totaling over 172 million XRP, equivalent to around $93 million, moved in and out of exchanges within the last 48 hours.
Please note that this article is for informational purposes only and should not be considered as 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.
