A recent transaction has sparked concern among XRP enthusiasts, as a wallet linked to blockchain payment firm Ripple transferred 100 million XRP (worth $57.92 million) to crypto exchange Bitso. Leading crypto tracking service Whale Alert indexed the transaction, highlighting the significant movement.
Both the sending wallet and the receiving wallet, the addresses were initially tagged as unknown. However, further investigation suggested that the sending address to be linked with Ripple.
🚨BREAKING: @Ripple shuffles 100 million #XRP, transferring 19.7 million tokens to major crypto exchange Bitso.
Something is happening behind the scenes! 👀 pic.twitter.com/swg8CDjkbG
— JackTheRippler ©️ (@RippleXrpie) September 19, 2024
This transaction is not an isolated incident, as the sending wallet has been active throughout the week, transferring large amounts of XRP to various addresses, for instance, on September 17, it transferred 50 million XRP to the same recipient address.
Movement of the Ripple Tokens
Advertisement
The recipient wallet has started making significant moves, transferring approximately 19.9 million XRP to another Ripple wallet, which then distributed the tokens to two exchanges: 19.7 million to Bitso and 257,000 XRP to Bitstamp.
This large whale activity has raised concerns amongst the XRP community, speculating that the recipient wallet may dump the tokens soon. This concerns have resulted by the recent XRP related whale transaction reported by the Crypto Basic including:
- 95 million XRP deposited to Binance on September 5, 2024
- 105 million XRP transferred to an unlabeled address on September 7, 2024
At press time, XRP is trading at $0.05828 representing a 8.6% surge in the weekly charts and a 1.3% rally in the past 24 hours as per CoinGecko.
The seventh biggest cryptocurrency’s price will likely be influenced by these significant transactions and the overall market sentiment.
Advertisement
Also Read: XMR Price Prediction: A Look Ahead to 2024 and Beyond
