In the past 24 hours, Ripple executed a sizable XRP transfer of 31 million coins, moving them to an undisclosed wallet. Additionally, within the same timeframe, another substantial transaction involving 27.6 million XRP was observed as it was moved to the Bitstamp exchange. The renowned crypto movement tracker, Whale Alert, drew attention to these transactions through a tweet.
Whale Alert’s tweet highlighted Ripple’s movement of 31 million XRP, which, at the time of the transfer, held a market value of $16.5 million. The transfer’s magnitude has sparked curiosity within the crypto community, leading some to question the motive behind it. Concerns arose, with one crypto enthusiast speculating whether this could be a routine monthly transfer for Ripple.
Interestingly, it’s worth noting that this transaction is distinct from Ripple’s standard monthly XRP release. Typically, Ripple unlocks XRP from its escrow account on the first day of each month. Whale Alert often specifies if a substantial XRP transfer originates from Ripple’s escrow.
This recent movement of XRP underscores the ongoing dynamics in the cryptocurrency market, where significant transactions can trigger speculation and discussions surrounding their purpose and potential implications. As crypto enthusiasts and observers continue to analyze such movements, they contribute to the broader narrative of the digital asset space and its participants’ activities.
Ripple transfers XRP to unknown wallet
Whale Alert flagged a transfer to an undisclosed wallet, although a suggestion emerged within the XRP community that this might be linked to another wallet controlled by Ripple. The observant commenter noted that the recipient’s address exhibited a recent XRP transaction with Coinbase.
Upon closer examination of the unidentified wallet’s transaction history, a pattern emerged indicating a potential connection with Ripple. The wallet appeared to receive a substantial XRP volume approximately around the same time each month. An analysis of its last 30 transactions reveals a consistent pattern: it received varying amounts, ranging from 20 to 60 million XRP, from Ripple. This recurring movement occurred consistently on the 27th to 30th day of each of the past eight months.
This pattern raises questions about the purpose and nature of these regular transfers. Observers and enthusiasts continue to speculate on the relationship between the unknown wallet and Ripple, as the crypto community closely monitors such activities to gain insights into potential strategies and developments within the XRP ecosystem.
XRP sent to Bitstamp exchange
Whale Alert recently detected another substantial XRP transaction, this time involving an unknown wallet moving 27.6 million XRP to the Bitstamp crypto exchange. The transferred digital assets are valued at approximately $14.86 million.
It’s worth noting that this transfer to Bitstamp marks the third instance of whale movements to the exchange within the span of three days. Collectively, an aggregate of 85.2 million XRP has been sent to Bitstamp from undisclosed wallets between August 27 and 29.
Before these recent XRP movements related to Ripple and Bitstamp, The Crypto Basic reported on whale activity that saw a total of 1.7 billion XRP being moved in August. With this new transfer of 116.2 million XRP, the cumulative XRP transferred by whales in August reaches a staggering 1.85 billion XRP.
In the past 24 hours, XRP has experienced a modest increase of 3%, reaching a price of $0.5309. Its trading volume over this period witnessed a notable surge of 104.16%, totaling $1.56 billion. These developments occurred concurrently with a significant court ruling affecting the price of Bitcoin, as reported by The Crypto Basic.