Ripple Moves 200 Million XRP to Unknown Wallet, Sparking Concerns Among Investors
Ripple recently moved 200 million XRP between its wallets, sparking community discussions. The transfer also follows a series of similar transactions involving Ripple.
The transaction raised questions about Ripple's motives, especially as XRP's price remains stable. Despite concerns, the market showed little reaction, with XRP down less than 1%.
Ripple Transfers 200 Million XRP, Valued at $109 MillionAccording to crypto tracking platform Whale Alert, Ripple moved 200 million XRP, worth $109 million, between its wallets on October 22.
- Whale Alert (@whale_alert) October 21, 2024
The transfer originated from Ripple's wallet, tagged rBg2Fu," which sent the tokens to a receiving address labeled rP4X2h" at 20:28 UTC on Monday.
The XRP community quickly picked up on the news, fueling speculation about Ripple's intentions. Some questioned whether the move signalled another XRP dump.
Whale Alert tagged the receiving address as unknown, but it seems this wallet has ties to Ripple. Bithompdatashows these two addresses have previously moved XRP between them.
The sending and receiving wallets regularly reshuffle large sums between them before moving them to exchange wallets.
Such movements naturally raise concerns in the XRP community about potential sell-offs or market impact.
Wallet Activities Raise Questions Among XRP HoldersThe receiving wallet is not new to the spotlight. Whale Alert's data shows it frequently receives large amounts of XRP from Ripple-linked wallets.
For instance, on September 23, the same wallet received 200 million XRP, valued at $117.6 million. Ten days prior, 150 million XRP had also been transferred to this address.
- Whale Alert (@whale_alert) September 23, 2024
These transfers often lead to additional movements where the receiving wallet sends the XRP to other wallets, including exchange addresses.
Also, on September 19, Bithomp data shows that 100 million XRP were moved to a selling wallet. Throughout that week, the sending address moved millions of XRP tokens, According toBithomp.
A similar transaction occurred on October 8, where another 100 million XRP was transferred to an exchange wallet. However, the funds were later distributed the tokens to platforms like Bitstamp and Bitso.
The receiving wallet currently holds 254.4 million XRP, valued at around $138 million.
The community remains uncertain about Ripple's intentions, with some suspecting these transactions are linked to selling pressures. However, there's no direct evidence that Ripple plans to dump XRP on the market.
The market reaction to the 200 million XRP transfer has been minimal. XRP's price retraced slightly by less than 1% following the transaction, trading around $0.544. The token had earlier reached $0.56 before the minor drop.
Despite the transaction activity, XRP's price movement has not deviated significantly from its current trajectory. According to its daily chart, XRP is still in an upward trend.
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