Ripple, a prominent cryptocurrency payment company, has recently decided to cash out some of its XRP tokens following an increase in the market value of XRP. This move was brought to light by automated market tracker Whale Alert in a post on X.
Yesterday, on May 13 at 18:24 UTC, Ripple transferred 150 million XRP to an unidentified wallet. At the time of the transfer, these tokens were valued at $75,790,534.
Further investigation by The Crypto Basic reveals that the recipient address, which starts with “rP4X2hTa7A,” was activated by Ripple. Data from XRP explorer Bithomp shows that this wallet has a history of interacting with Ripple’s known XRP addresses. For example, on April 24, the wallet received 100 million XRP from Ripple and later distributed them to other external addresses. Similarly, after receiving 150 million XRP yesterday, 100 million tokens were moved to the XRP wallet “rhWt2bhRq.” This second transaction occurred one hour after the first one, as documented by Whale Alert.
It is worth noting that Ripple has used the wallet “rP4X2hTa7A” multiple times to distribute XRP tokens to external addresses like “rhWt2bhRq.” In the latest transfer of 150 million XRP, 100 million were sent to the external address “rhWt2bhRq,” which is the same wallet used by Ripple to transfer 100 million XRP on April 25.
It is important to mention that this is the first time this month that Ripple has transferred any of the unlocked tokens to an external destination since unlocking 1 billion XRP for May as part of its monthly escrow unlock.
Community members have expressed concern about this move by Ripple, suggesting that the company is “dumping on retail” due to the timing of the transaction. While XRP initially reached a low of $0.4916, it has since increased by 3.99% to a daily peak of $0.5112. Ripple’s transfer of 100 million XRP to an anonymous wallet coincides with this upward movement.
Disclaimer: This article provides information and should not be considered financial advice. The opinions expressed are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.