Massive XRP Movement As New Wallets Accumulate 883M XRP in Few Hours

A series of recently-activated XRP whale wallets have accumulated over 883 million XRP worth an excess of $454 million within four hours, triggering speculation among investors.

Whale Alert, a leading crypto whale-tracking platform, highlighted the cluster of whale movements, which occurred between 11:00 and 15:00 (UTC) today. Most of the transactions involved outflows from wallets associated with Dutch crypto exchange Bitvavo.

Five 25M XRP Transfers

The first transaction saw the transfer of 25 million XRP worth $12.9 million at the time from a Bitvavo wallet to a new XRP address at 11:03 (UTC). The fund movement was used to activate the recipient address, as it marked its first transaction.

Shortly after this initial transaction, four more Bitvavo wallet addresses transferred a series of four 25 million XRP transactions to new addresses at different intervals. This brought the total amount XRP transferred across these five transactions to 125 million, currently worth $64.3 million.

Interestingly, an investigation by The Crypto Basic found that four of the sending XRP whale addresses are also new wallets activated today. However, the activation date for one of them is Dec. 8, 2023. Despite being around for over a month, this address was also inactive until the recent transfer.

Another interesting find is the fact that all the sending addresses received millions of XRP, ranging from 198 million to over 223 million tokens from unknown addresses before they transferred out the 25 million XRP. This pattern suggests that the individual involved used the sending addresses to route the funds.

Other Whale Movements

Besides the 25 million XRP transactions, five more transfers Involving over 100 million tokens occurred within the 2-hour timeframe. One of these transactions saw a transfer of 196.39 million XRP ($101.47 million) from a Bitvavo wallet at 11:04 (UTC).

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The second transfer involved an outflow of 171.39 million XRP tokens ($88.65 million) from an unknown wallet at 12:02 (UTC). The third transaction saw the movement of 146.399 million XRP from another unknown wallet at 14:15 (UTC). 

The fourth involved 123.11 million XRP from Bitvavo at 15:07 (UTC) while the fifth and last transaction in the recent series saw an outflow of 121.399 million XRP from an unknown wallet less than a minute after the fourth one.

Notably, all the transfers amounted to the movement of 883.7 million XRP across ten transactions. Each transfer went to a different address, and all the ten receiving XRP whale addresses activated today. 

Possible Interpretations

It bears mentioning that when such large whale movements occur, market participants quickly speculate if Ripple is behind them.

The firm typically moves large amounts of XRP for several purposes. However, despite much investigation, The Crypto Basic could not find any link between the recent transactions and Ripple.

Nonetheless, the movements could signal an accumulation spree from whales or an account rebalancing move by Bitvavo.

Should the former be the case, it could compound bullish sentiments amid the ongoing downtrend. XRP currently trades for $0.5144, up 2.73% in the last 24 hours.

However, the latter is likely the case, as The Crypto Basic has repeatedly called attention to similar whale movements involving Bitvavo. The exchange moved 4.2 trillion Shiba Inu yesterday and 7 trillion SHIB last November.