A crypto whale has been spotted moving a staggering amount of XRP to the tune of 97 million coins between wallets within the last 24 hours. Notably, this transaction comes amid a significant price struggle at the $0.57 mark. This movement has sparked discussions across the market as members speculate the reason behind the action whether it is a sell-off or an accumulation.
97 Million XRP Coins on the Move
The mysterious whale transferred 97.2 million XRP to two addresses valued at $48.6 million on Wednesday in two different transactions. The transaction was revealed by blockchain transaction tracker, Whales Alert in a tweet on Wednesday. Moreover, the significant transfer did not affect XRP, which saw a 5.5% decline in response to a broader market collapse. On Wednesday, XRP witnessed a minor comeback; as of this writing, the asset was down by about 3%.
By 8:07 a.m. UTC, the unidentified whale with address rn8o..7kFt transferred 2.9 million XRP (valued at $1.68 million) to a new address ‘rDrt..yS5W,’ according to on-chain data from XRP explorer Bithomp. The fund was moved with a tiny just 2 XRP ($1.16) fee. A minute later, at 8:08 a.m. UTC, the same address transferred another 94.325 ($54.7 million) to an anonymous address, labeled as ‘rnTx… DunF.’ The wallet paid 22 XRP ($12.76) to complete the transaction.
Notably, at the time of writing, the 94.325 XRP that had been sent to the new address was still in the wallet, indicating that the funds had indeed been relocated. Data indicated that the wallet was enabled on the day of the transfer, suggesting that it was a relatively new wallet.
However, the 2.9 million XRP that was transferred to ‘rDt.yS5W’ was distributed among several other addresses. According to data, the money was transferred to prominent exchanges like Binance, Kucoin, Bybit, and Crypto.com as well as new wallets. Following the transfer, the wallet still held more than 5.5 million XRP.
Large Transfers Not New to the XRP Community
The XRP community is not unfamiliar with significant XRP activities, given that Ripple, the issuing company, utilizes the asset to process multi-million dollar transactions. According to previous reports, Ripple transferred 200 million XRP on Tuesday. From the transferred fund, Bitstamp and Bitso received around 41 million XRP, most likely for On-Demand Liquidity (ODL) transactions or to cover operational expenses.
