Several large cryptocurrency addresses, including Ripple, moved a total of 218 million XRP across six separate transactions. The total value of these transactions was approximately $81 million. These transfers occurred during a time when XRP was experiencing a period of price recovery. The transactions were primarily made between exchanges such as Bittrex and Bitstamp.
50M XRP on The Move
According to Whale Alert, a website that tracks large cryptocurrency transactions, the Ripple movement occurred at 8:35 pm (UTC) on May 9th. The transaction involved 50 million XRP tokens with a value of $21.4 million.
Whale Alert’s tweet implied that Ripple sent XRP to an unidentified wallet. However, data from Bithomp, a website providing information on XRP transactions, shows that the recipient wallet belongs to Ripple. This wallet has already distributed 7.3 million XRP to other addresses.
It is worth noting that the 50 million XRP tokens that were moved recently were among the assets that Ripple had released from escrow for this month. As reported earlier, Ripple unlocked 1 billion XRP on May 1 as part of its monthly escrow execution. After executing the escrow, Ripple locked back 700 million XRP and retained 300 million tokens.
Pro-XRP attorney Bill Morgan has responded to an article on the recent Ripple transactions, stating that Ripple does not simply sell off the assets on the market. It should be noted that in April, only 50 million XRP out of 300 million released were moved from the Ripple wallet, which is similar to what happened in the recent transaction for May.
Related article: XRP Security Debate: WeBlog Founder Weighs In
Other Whale’s Movements
Apart from Ripple’s XRP movement, there were also five other transactions involving 168 million XRP moved by other whales. The first movement involved 50 million XRP transferred from Crypto.com to an unknown wallet, which was later identified as belonging to Binance following investigations.
Following the 50 million XRP movement from Crypto.com to Binance, there was another transaction involving the transfer of 31 million XRP to Bitstamp by an unidentified wallet on May 8 at 21:29 (UTC). There was then an in-house movement a few hours later, where two Bittrex wallets moved 30 million XRP on May 9 at 19:41 (UTC). Finally, an unidentified wallet sent 28 million XRP to Bitstamp on May 9 at 22:14 (UTC).
XRP Begins Its Road to Recovery?
The whale movements of XRP occurred at the same time as the price of XRP decreased and then experienced a rebound. XRP’s price had a significant intraday decrease of 4.61% on May 8, which was the largest drop since April 21. However, the price quickly recovered after hitting a 7-week low of $0.41, using that level as support.
XRP’s losing streak that started on May 6 has ended as it gained 0.14% yesterday. Over the past 24 hours, XRP has incrrased by 0.37% and is now trying to establish its position above $0.43. As of now, XRP is trading at $0.4262.
Related Reading: Ripple (XRP) Spent Whooping $200 Million on SEC Defense – CEO
