A digital wallet connected to the Ripple network has initiated the transfer of 100 million XRP tokens to an unidentified address. On Thursday, Whale Alert, a cryptocurrency tracking service, highlighted the movement of 100 million XRP, equivalent to approximately $53 million, from an unknown source to another anonymous destination. This transaction took place at 21:50 UTC the previous day.
Given the involvement of unknown entities and the significant volume of XRP being moved, this transfer has garnered attention from participants in the cryptocurrency market. However, a closer examination of blockchain records has shed light on the entity responsible for initiating the transaction.
According to XRP explorer Bithomp, the source wallet with the initials “rP4X2hTa” received 100 million XRP from Ripple just two days prior. Since then, this wallet has been distributing the XRP alongside existing balances in increments of 50 million and smaller amounts following the influx of funds. The transfer of 100 million XRP was the most recent transaction from this wallet.
As of now, the destination wallet for the 100 million XRP, identified as “rhWt2bhRq,” has not unloaded the funds it received. Interestingly, this address has repeatedly received millions of XRP tokens from “rP4X2hTa” in the past and subsequently distributed them to other addresses. For example, on Wednesday, it received 50 million XRP and transferred out over 30 million XRP a few hours later.
It is worth noting that the destination wallet “rhWt2bhRq” has not had any recent inflows or outflows from Ripple. Additionally, unlike the source address of the 100 million XRP transfer, it was not activated by Ripple. This suggests that the payment firm has likely offloaded $53 million worth of XRP to an external address.
The Wednesday transfer of 100 million XRP by Ripple has not gone unnoticed. The Crypto Basic, a cryptocurrency news outlet, reported on this development yesterday. Interestingly, this transaction comes a week after Ripple distributed a similar amount to the wallet “rP4X2hTa.” In total, the prominent crypto payment firm has distributed at least 200 million XRP from the escrow unlock in April.
It is worth mentioning that Ripple is not the only major player moving large amounts of XRP across various wallets. Whale Alert has also documented the movement of $14 million worth of XRP from Binance to an unidentified destination. Similar transactions involving substantial dollar values have been observed with exchanges Bitstamp and Bitso.
In the past 48 hours alone, a total of over 172 million XRP, equivalent to approximately $93 million, have been transferred in and out of exchanges.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers should conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.
