On May 16, 2024, Whale Alert, a cryptocurrency transaction tracking platform, identified a significant transfer of 100 million XRP, valued at approximately $51.89 million at the time, from a wallet associated with leading Japanese exchange Coincheck.
This transaction is part of a series of recent XRP movements involving the same Coincheck wallet. On May 14, the wallet sent 230,000 XRP to Coincheck, followed by a 10 million XRP transfer on May 13. Additionally, a smaller transfer of 80,000 XRP occurred on May 10, and a nominal 0.10 XRP move was observed on May 9.
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An analysis of the recipient address strengthens the possibility of internal shuffling by Coincheck. Data from the blockchain intelligence platform Bithomp suggests the address was activated by the exchange, indicating a direct connection.
The frequent transfers between this address and Coincheck, coupled with the substantial volume of each transaction, further support the theory of internal cryptocurrency management. Interestingly, the timing of these transfers coincides with a recent uptick in XRP price.
XRP Price Recovery and Whale Accumulation
The XRP market has experienced a period of price volatility in recent months. Despite a slight decline of 0.12% over the past week, XRP gained 3% in the last 24 hours, currently trading around $0.5174. This uptick coincides with a surge in trading activity, with a 24-hour volume exceeding $1 Billion.
In terms of XRP’s performance earlier this year, the token saw a surge in price, rising over 50% from $0.4853 on January 31 to a high of $0.7440 on March 11. However, the rally faced resistance, leading to a price correction. This decline allowed whale investors to accumulate XRP at lower prices.
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Cryptocurrency analyst Ali Martinez corroborated this trend using data from Santiment, a blockchain analytics platform. His findings reveal that addresses holding between 1 million and 10 million XRP have significantly increased their holdings by 110 million XRP, worth approximately $55 million, within the last two weeks alone.
Also, Santiment indicates that investors holding between 10 million and 100 million XRP have substantially increased their holdings, demonstrating continued confidence in XRP despite the market volatility.
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