Over 550 Million XRP Moved as Ripple Shifts 50 Million Coins

Top Analyst Says XRP Will Have a "Boy Who Cried Wolf" moment

Whale Alert, the platform that tracks significant cryptocurrency transactions, released data showing that roughly 582 million XRP were transferred over the previous day. This includes the 50 million XRP moved by Ripple, the blockchain payment firm that oversees the distribution of the embattled digital token.

Ripple Transfers 50 Million To An Unidentified Wallet Address

According to the source mentioned above, the Ripple giant moved 50 million XRP to a wallet that Whale Alert identified as an anonymous wallet five hours earlier. However, data provided by the Bithomp wallet tracker, which focuses on XRP, reveals that this enormous amount of XRP was transferred to its alternative address, RL18-VN.

Ripple usually moves XRP outside the fintech juggernaut to corporate investors and exchanges to support the coin’s liquidity, and to custodial wallets like BitGo.

Recent Wire Transfer Of 582 Million XRP

Additionally, Whale Alert reported that 581.6 million XRP were moved across exchanges. Two transactions totaling 150,000,000 tokens apiece attracted much interest here. One of them was sent from an unidentified wallet to the crypto trading company FTX. Whales moved the remaining 150 million from Binance to Bittrex.

XRP on the Move Thanks to Crypto Whales

This month, XRP has been moved a lot by cryptocurrency whales. Blockchain watchdog Whale Alert reported that the cryptocurrency exchange Kraken moved XRP worth around $161.2 million to an unnamed wallet.

According to the on-chain data of the recipient wallet, the deposit of 500 million XRP in August is the biggest amount received by the address since a transfer of 300 million XRP from Kraken in November 2021.

XRP has become one of the leading crypto top gainers over the last seven days. The price jump coincides with Ripple’s protracted court case with the SEC.

After many arduous weeks, the whale buy has contributed to the price surge of XRP. Over the last week, the price of the cryptocurrency has increased by more than 22% while increasing by 16% over 24 hours.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.