A wallet connected to Ripple has initiated the movement of 100 million XRP to an anonymous address.
On Thursday, Whale Alert called attention to the transfer of 100,000,000 XRP XRP worth approximately $53 million from an unknown address to another anonymous destination. The transaction occurred later yesterday at 21:50 UTC.
🚨 🚨 🚨 100,000,000 #XRP (52,975,509 USD) transferred from unknown wallet to unknown wallethttps://t.co/JAFcVCf0E1
— Whale Alert (@whale_alert) April 25, 2024
Expectedly, this transaction raised eyebrows from crypto market participants, given the unknown entities involved and the substantial volume of XRP moved. Meanwhile, a scrutiny of blockchain records offered insights into the entity that initiated the transaction.
Ripple is the Source of the 100M XRP
According to XRP explorer Bithomp, the source wallet with initials “rP4X2hTa” had received 100 million XRP from Ripple two days ago. This address has gone to distribute the XRP alongside existing balances in multiples of 50 million and smaller bits following the inflow. The 100 million transfer was its most recent transaction.
At press time, the destination wallet “rhWt2bhRq” for the 100 million XRP has not offloaded the fund. Interestingly, this address has repeatedly taken inflows of millions of XRP tokens from “rP4X2hTa” before onward distribution. For instance, it took a store of 50 million XRP on Wednesday and transferred out over 30 million XRP a few hours later.
Ripple Finally Offloads 100M XRP
Notably, wallet “rhWt2bhRq” has no recent inflow or outflow from Ripple. Moreover, the address was not activated by Ripple, unlike the source address of the recently moved 100 million XRP. This likely suggests the payment firm has offloaded $53 million worth of XRP to an external address.
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Meanwhile, Ripple’s Wednesday transfer of 100 million XRP has not gone unnoticed. The Crypto Basic called attention to the development yesterday.
Notably, the Wednesday transaction initiated by Ripple comes a week after the payment firm offloaded a similar value to “rP4X2hTa.” Essentially, the prominent crypto payment firm has distributed at least 200 million XRP from the escrow unlock of April.
Other Entities Moving XRP
Meanwhile, Ripple is not the only crypto whale distributing multi-million XRP among different wallets. Whale Alert similarly documented the movement of $14 million XRP from Binance to an anonymous destination. A similar dollar value transaction is observable with exchanges Bitstamp and Bitso.
Cumulatively, over 172 million XRP worth approximately $93 million have been moved in and out of exchanges within the last 48 hours.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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