Ripple’s actions have raised concerns in the market after a series of transactions spotted and shared by Whale Alert, the tracker of large transactions of cryptocurrencies. Ripple, the major distributor of XRP, reportedly moved a total of 506 million XRP in September so far.
Using two different addresses, Ripple moved the tokens over 19 days. The transfers happened over 14 transactions, and have sparked speculation about potential systemic selloffs.
The Transfers
Whale Alert posted about the first transaction on September 3, shortly after Ripple unlocked 1 billion tokens from escrow. Whale Alert reported the transfer of 29.7 million XRP ($15.04 million) from an unknown address to Bitstamp.
What piqued interest was that this same Ripple-controlled address orchestrated 11 more transfers. Although it was labeled unknown, investigations have revealed that this address is controlled by the cross-border payments firm.
The transfers were often more than 29 million XRP. Adding to the intrigue, all tokens transferred from this wallet found their way to the U.K.-based exchange Bitstamp. It’s worth noting that Ripple had acquired a stake in Bitstamp in May, although the exact amount remains undisclosed.
The last two transactions carried out by this address involved the movement of 29.6 million XRP ($14.525 million) on September 17 and 30 million XRP ($15.154 million) on September 18. Whale Alert reports them as transfers from an unknown address to Bitstamp, just like the other transactions.
A different Ripple-controlled address performed the other transactions. The first transaction, on September 11, saw the transfer of 100 million XRP ($47.099 million) from a known Ripple wallet to another wallet. In the second transaction, the same Ripple wallet transferred 75 million XRP ($37.737 million) to the same recipient wallet on September 18. Both transactions add up to a substantial 175 million XRP.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
The recipient address for the transactions was found to be a Ripple-controlled address. The tokens it received, were sent to exchanges through separate addresses.
We reported a similar Ripple’s whopping transaction to Bitstamp in June. The company’s movement of over 506 million tokens within the last 20 days has prompted speculation of a systemic selloff. This news also comes not long after the rumors that Ripple was selling XRP to fund their acquisition of Fortress Trust.
There is still no concrete evidence that Ripple is selling these tokens. However, this seems to be a regular occurrence for Ripple. They moved 120 million XRP to an unknown address in March, and there have been similar transactions throughout the year.
Follow us on Twitter, Facebook, Telegram, and Google News
