Ripple Shuffles 200,000,000 XRP As XRP Stays Below $0.60

An address tied to payment giant Ripple shuffled 200,000,000 XRP amidst a wider market correction.

Per a report from market tracking resource Whale Alert, Ripple moved 200 million XRP to an unknown address on Monday. The funds were worth $117.6 million, moved at the rate of $0.588 per XRP.

🚨 🚨 🚨 🚨 🚨 200,000,000 #XRP (117,619,123 USD) transferred from #Ripple to unknown wallethttps://t.co/7e1gB5P684

— Whale Alert (@whale_alert) September 23, 2024

Transaction Details

Data from Bithomp reveals further details of the transaction, which occurred at 15:41 UTC on Monday. The sending address “rBg2F…fo91m” transferred 200 million XRP to the receiving address “rP4X…Kvx3.”

Although Whale Alert labeled the receiving address unknown, an investigation from The Crypto Basic revealed that it is affiliated with Ripple. In fact, the receiving address has been at the core of most on-chain transactions from the payment giant.

For context, the wallet received another set of XRP tokens from the sending address (rBg2F…fo91m) days before the latest transaction. On September 13, it received 150 million XRP from the address, valued at $85.3 million.

Notably, on-chain data shows that the receiving address has been a major channel through which Ripple moves funds to exchanges. The Crypto Basic reported a recent transaction in which the address moved 100 million XRP ($19.7 million) to Bitso. 

Also, on September 20, the same address moved 500 million XRP, valued at $289.7 million, to Bitso at 19:35 UTC. At the time of writing, the wallet, activated in October 2023, held 249 million XRP.

XRP Down 1% Amid Market Correction

The recent on-chain XRP shuffle coincided with a wider market correction, which saw XRP fall 1% to $0.586 in the last 24 hours. The market seems to be cooling off after a bullish uptrend over the weekend.

XRP surged to $0.6075 on Saturday, a price last seen in late August. However, the asset has corrected 3.5% since then.

Despite the slight correction, analysts remain bullish on XRP. Market speculator Steph has tipped the XRPL native token to surge to $0.7 if it breaks the $0.6 resistance.