A Ripple-affiliated wallet has initiated the transfer of a whopping 100 million XRP to an undisclosed destination, sparking intense interest among participants in the cryptocurrency market. This substantial movement of XRP follows a previous transaction of a similar magnitude, indicating an ongoing flow of significant volumes of the digital asset.
As per the most recent update, a wallet linked to Ripple has commenced the transfer of 100 million XRP to an unknown destination. The Whale Alert service flagged this movement of 100,000,000 XRP, valued at approximately $53 million, from an undisclosed source to another anonymous address on Thursday. This transaction took place at 21:50 UTC on the same day.
The sheer scale of this transaction has piqued the curiosity of cryptocurrency market participants, given the involvement of unidentified parties and the considerable volume of XRP being transferred. A deeper analysis of blockchain records has shed light on the entity responsible for this transaction.
According to the XRP explorer Bithomp, the source wallet, identified by the initials “rP4X2hTa,” received 100 million XRP from Ripple two days prior to this transfer. Subsequent to this inflow, the wallet disbursed the XRP in increments of 50 million and smaller amounts. Notably, the transfer of 100 million XRP represents its most recent transaction.
At present, the destination wallet, labeled “rhWt2bhRq,” has not liquidated the 100 million XRP it received. Interestingly, this address has repeatedly received millions of XRP tokens from “rP4X2hTa” before redistributing them. For instance, it received 50 million XRP on Wednesday and subsequently transferred over 30 million XRP a few hours later.
Movement of XRP by Ripple and Other Entities
Significantly, the wallet “rhWt2bhRq” has shown no recent activity involving Ripple, neither receiving nor sending transactions. Unlike the source address responsible for the recent transfer of 100 million XRP, this address was not activated by Ripple. This suggests that the payment firm may have transferred $53 million worth of XRP to an external address.
Moreover, Ripple’s transfer of 100 million XRP on Wednesday has garnered attention, as highlighted by Crypto Basic yesterday.
This transaction by Ripple follows a similar transfer made a week prior, where the payment firm sent a comparable value to “rP4X2hTa.” In total, Ripple has distributed at least 200 million XRP from the April escrow unlock. However, Ripple is not alone in distributing large amounts of XRP across various wallets. Whale Alert has reported the movement of $14 million XRP from Binance to an unidentified destination, with similar transactions observed involving exchanges such as Bitstamp and Bitso.
In total, over 172 million XRP, valued at approximately $93 million, have been transferred in and out of exchanges within the last 48 hours.
While many altcoins have witnessed substantial returns, Ripple’s XRP has lagged behind. Trading at $0.51 amidst the Ripple vs. SEC aftermath, according to the Crypto News Flash report.
Nonetheless, analysts remain optimistic about the altcoin’s future. Predictions foresee XRP reaching $17, attributing this projection to the tightening of the Bollinger Bands. This phenomenon typically heralds a surge in volatility, often resulting in a significant increase in the underlying asset’s price, as reported by Crypto News Flash.
Furthermore, another analyst has identified the formation of a rare pattern in the XRP/BTC chart. This pattern suggests the potential breaking of a 40-day resistance channel, indicating a potential upward movement in XRP’s value relative to Bitcoin.