On Wednesday, the unidentified whale moved 97.2 million XRP in two separate transactions to two addresses worth $48.6 million.
The price of XRP continued to hold above $0.58 as an unidentified whale jumbled 97.2 million XRP to an unknown destination. Blockchain sleuth Whales Alert reported the transaction, worth $48.6 million, in a tweet on Wednesday.
The large fund transfer barely affected XRP, which fell over 5.5% late Tuesday following a wider market capitulation. XRP saw a slight recovery on Wednesday, as the asset was down less than 1% at the time of writing.
Whale Relocates Funds
On-chain data from XRP explorer Bithomp showed that the unknown whale with address rn8o..7kFt moved 2.9 million XRP ($1.68 million) to a new address rDrt..yS5W by 8.07 a.m. UTC. The wallet moved the funds for a mere 2 XRP ($1.16).
A minute later, the address with initials “rn80” moved another 94.325 ($54.7 million) to a yet-to-be-identified address, rnTx… DunF, by 8.08 a.m. UTC. The transaction cost the wallet 22 XRP ($12.76) to carry out.
Notably, the 94.325 XRP transferred to the new address was still in the wallet at the time of writing, showing it was a fund relocation. The wallet seemed to be new, as data showed that it was activated on the same day of the transfer.
However, the 2.9 million XRP moved to rDt….yS5W was shared among several other addresses. Data showed that the funds were moved to new wallets and major exchanges, including Binance, Kucoin, Bybit, and Crypto.com. After the transfer, the wallet had over 5.5 million XRP left.
No Cause for Alarm
The large movement of XRP is not new to the XRPL community, considering Ripple uses the asset to carry out multi-million transactions. The Crypto Basic reported that Ripple moved 200 million XRP on Tuesday. Over 41 million XRP from the transferred funds were sent to Bitstamp and Bitso, probably for On-Demand Liquidity (ODL) transactions or to meet operational needs.
Ripple also made a similar move on August 15, shuffling 100 million XRP between two addresses tied to the firm. Data also showed that Ripple moved 26.72 million XRP to Bitstamp and 20.2 million to Bitso.
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Source: https://thecryptobasic.com/2024/08/28/xrp-holds-above-0-58-as-another-whale-moves-97-2m-xrp/?utm_source=rss&utm_medium=rss&utm_campaign=xrp-holds-above-0-58-as-another-whale-moves-97-2m-xrp