Speculation grows within the crypto community after a series of substantial XRP transfers totaling 146.92 million tokens occurred within the past 12 hours.
These movements, which appear to originate from Ripple, involved three distinct transactions that have attracted considerable attention due to their scale and timing.
The first transaction involved a Ripple wallet identified as “r4w…Rzn,” which transferred 26.72 million XRP to the Bitstamp exchange yesterday at 19:48 UTC.
Shortly after this, a second transaction occurred, moving 100 million XRP between two separate Ripple-affiliated wallets.
🚨 🚨 🚨 100,000,000 #XRP (56,958,553 USD) transferred from unknown wallet to unknown wallethttps://t.co/FGbQraqcNZ
— Whale Alert (@whale_alert) August 14, 2024
Following the second transaction, which involved 100 million XRP, the recipient wallet transferred 20.9 million XRP to the Ripple wallet “r4w…Rzn,” the same wallet involved in the first transaction. The flow of funds between these Ripple wallets has raised questions regarding the purpose behind these movements.
Ripple Sends XRP to Exchanges
In a third transaction, the Ripple wallet “r4w…Rzn” then transferred 20.2 million XRP to the Bitso exchange. These transfers suggest that Ripple is actively moving XRP to exchanges, with the wallet “r4w…Rzn” playing a central role in the process.
Across these three transactions, Ripple has moved a total of 46.92 million XRP to the Bitstamp and Bitso exchanges, further fueling speculation about Ripple’s intentions and the potential impact on the market. However, this pattern is not new, as Ripple typically moves millions of XRP following its monthly escrow unlocks.
Whale Movements Continue to Evolve
In another major transaction detected by Whale Alert, 104.16 million XRP worth approximately $59.02 million was transferred on Sunday, August 11, 2024. This transaction also involved unknown wallets and coincided with a 3.9% price drop in XRP.
Interestingly, despite the brief price decrease, XRP’s price increased by over 20% in the week leading up to the transaction, ending at $0.5681. Further examination of the sender’s wallet shows activity involving a transfer of 2.25 million XRP, followed by a larger receipt of 106.41 million XRP on August 9.
XRP Price Declines
Although the massive transfer attracted attention, XRP’s trading volume dropped by 16.27%, settling at $1,085,839,907. This decline in volume occurred alongside a dip in XRP’s price, which fell to $0.5679.
Over the past 24 hours, XRP has recorded a 2.04% price drop, while the past week reflects a 5.09% decline. It is crucial to note, however, that these large-scale whale transactions do not directly impact trading volumes, as they typically involve on-chain movements and not trades on exchanges.
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Source: https://thecryptobasic.com/2024/08/15/ripple-moves-146920000-xrp-with-46-92m-to-bitstamp-and-bitso/?utm_source=rss&utm_medium=rss&utm_campaign=ripple-moves-146920000-xrp-with-46-92m-to-bitstamp-and-bitso