Ripple Moves 200 Million XRP: What This Means for Investors

On Monday, Ripple moved 200,000,000 XRP, valued at $109 million, between its wallets. This transaction, recorded by Whale Alert, involved Ripple’s wallet address “rBg2Fu” transferring the XRP to the address “rP4X2h” at 20:28 UTC. The recipient wallet remains unidentified by Whale Alert, raising questions within the XRP community.

🚨 🚨 🚨 🚨 🚨 200,000,000 #XRP (109,416,737 USD) transferred from #Ripple to unknown wallethttps://t.co/w8bqGKNC6C
— Whale Alert (@whale_alert) October 21, 2024

Repeated Wallet Shuffling Between Ripple Addresses

Data from Bithomp reveals that this is not the first time these addresses have exchanged XRP. Ripple’s sending address has repeatedly sent large amounts of XRP to the same recipient. On September 23, the same address transferred 200 million XRP, worth $117.6 million at the time, to the receiving wallet. Just ten days earlier, Ripple had sent 150 million XRP to the same wallet. The consistent movement of large sums of XRP between these two addresses has fueled speculation among observers.

Ripple Moves Funds to External Wallets and Exchanges

Further analysis shows that the receiving address is affiliated with Ripple and has connections to external wallets. This address often moves funds from Ripple’s wallets to exchange-linked wallets. For instance, on October 8, the wallet transferred 100 million XRP to a designated dumping wallet. The dumping wallet later sent the funds to exchanges like Bitstamp and Bitso. Similarly, on September 19, the receiving wallet moved another 100 million XRP to the same dumping wallet.

Currently, the receiving wallet holds 254.4 million XRP, valued at $138 million. Despite recent transfers, the wallet still has the 200 million XRP it received on Monday.

XRP Price Reaction Amid Skepticism

Despite concerns from the community about these large transfers, XRP’s price remains relatively stable. In the last 24 hours, XRP has dropped less than 1%, trading at $0.544. This price is a slight pullback from the $0.56 high reached earlier.

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Although the broader crypto market is bullish, XRP has struggled. In the past month, it has fallen by 9%, while Bitcoin and Shiba Inu have gained 7.30% and 26%, respectively. Despite bullish market sentiment, XRP continues to face downward pressure.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.