Ripple, a leading payment company, has sparked speculation within the community by transferring 200,000,000 XRP between its wallets.
According to Whale Alert, a market tracking resource, the transaction took place on Monday at 20:28 UTC. The sender, identified as the Ripple-tied wallet “rBg2Fu,” transferred 200,000,000 XRP, worth $109 million at the time, to the recipient address “rP4X2h.” It is worth noting that the recipient address is labeled as unknown by Whale Alert.
Upon analyzing the data from Bithomp, it is evident that these two addresses have frequently exchanged XRP in the past. Interestingly, the recipient address, which is considered an unknown wallet, has often received funds from the sender and then transferred them to other wallets.
For context, on September 23, the sender address, labeled as Ripple, transferred 200 million XRP, valued at $117.6 million, to the recipient address. This transaction occurred ten days after the sender address moved 150 million XRP to the same address.
Further analysis reveals that the recipient address is also associated with Ripple, causing concern within the XRP community. It has consistently served as a medium for Ripple to transfer XRP to external wallets, particularly exchanges.
One example is when, on October 8, the wallet sent 100 million XRP to a dumping wallet, which subsequently moved the assets to exchanges like Bitstamp and Bitso. A similar transaction took place on September 19, when 100 million XRP was transferred to the selling wallet.
Despite the skepticism surrounding the recent transfer, XRP’s market performance remains relatively unaffected. In the past 24 hours, the cryptocurrency, ranked as the 7th largest by market cap, experienced a correction of less than 1%, currently trading at $0.544. This is a slight retracement from its high of $0.56 yesterday.
It is worth noting that XRP has experienced a 9% decrease in the past month, despite the overall bullish sentiment in the crypto market. In comparison, Bitcoin has seen a 7.30% increase, while Shiba Inu has surged by 26% during the same period.
It is important to note that this article is intended for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not necessarily reflect the opinions of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.