Ripple and Whales Shake Up XRP Market With Massive 350M+ Move
According to recent reports, Ripple (XRP) and other major crypto holders transferred more than 350 million XRP when the cryptocurrency’s value dropped below $0.46. This transfer of a substantial amount of XRP has caused concerns among investors who fear that these crypto whales might be divesting their assets.
Ripple on the Move
As per Whale Alert, a whale-tracking resource, Ripple’s initial transaction occurred on April 24th at 18:17 (UTC), wherein 50 million XRP, amounting to approximately $22.8 million, was transferred to another address.
According to sources, the recipient address also belongs to Ripple. Shortly after the first transaction, the recipient address transferred all the 50 million tokens it received, along with some funds from its previous balance. Following this, that address also transferred 70 million XRP, equivalent to $32 million, to another wallet linked to Ripple.
Eventually, the 70 million XRPs were sent to an Independent Reserve, Bitso and Bitstamp. These movements are quite common as Ripple periodically sends millions of XRP to other entities to cater to ODL requirements. It is noteworthy that David Schwartz, Ripple’s CTO, recently confirmed that the firm is selling off its XRP to reduce the amount it holds. In Q2 2022, Ripple sold off $226 million worth of XRP.
Other Similar Whale Movements
In addition to the recent Ripple transactions, there were five separate transactions made by other whale addresses, moving a total of 230M XRP tokens worth $105M.
The most significant transaction occurred on April 23 at 21:53 (UTC), involving the transfer of 108.9M XRP, equivalent to $49.9M, between two unknown addresses. Another notable transaction took place three hours later, with 28M XRP, worth $12.9M, being transferred from an unknown wallet to a Bitstamp address. Shortly after, Bitso conducted an in-house movement worth 42M XRP, amounting to $19.3M.
These transactions have occurred during a challenging period for XRP, which has been struggling to maintain a value above the $0.46 mark amidst intense bearish activity. Recently, this market downturn has caused a decline from the high point of $0.53 on April 19 to a low of $0.4448, on April 21.