Ripple and Top Exchange Move Hundreds of Millions of XRP. Here’s the Destination

Large-scale transfers of XRP have recently grabbed the attention of the cryptocurrency community. These movements involve prominent Japanese exchange Coincheck and blockchain technology company Ripple itself.

Coincheck Accumulates XRP in Anonymous Wallet

Whale Alert, a cryptocurrency whale transaction tracking service, had identified a series of inbound transactions totaling 361 million XRP linked to Coincheck.

The most recent transfer involved 250 million XRP, shipped from Coincheck’s wallet to an anonymous destination on May 20th, 2024. This transaction translates to roughly $129 million.

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Further investigation into the anonymous address, labeled “r99QSej32,” reveals it was activated by Coincheck three months prior. Since its creation in February 2024, this address has exclusively received XRP from Coincheck, with no outward transactions recorded.

The initial transfer on May 9th consisted of 1 million XRP, followed by a 10 million XRP deposit four days later. Coincheck subsequently added another 100 million XRP to the address on May 13th, along with smaller transfers in the following days.

The purpose behind Coincheck’s funneling of XRP into this anonymous wallet remains unclear. Speculation within the crypto community centers on the potential use of the accumulated XRP for future exchange operations or over-the-counter (OTC) trades.

Ripple Engages in XRP Outflow

Ripple is another major player involved in recent XRP movements. Whale Alert reported the company’s transfer of 50 million XRP, valued at approximately $25.7 million to an unidentified recipient just an hour before Coincheck’s large transfer.

This transaction follows a similar move by Ripple a week prior, where over $100 million worth of XRP was sent to an external wallet in two separate transactions.

These significant XRP outflows by Ripple coincide with a minor price increase for the token. According to CoinMarketCap’s data, XRP has experienced a 4% price gain in the last 24 hours.

Read Also: Bullish Signal: New Born Whale Emerges With Hundreds of Billions in SHIB Accumulation

Looking Forward

The recent surge in XRP activity highlights the token’s continued use within the cryptocurrency ecosystem. While the specific motivations behind the transfers by Coincheck and Ripple are unknown, these movements suggest potential upcoming developments within the XRP market. Continued monitoring of on-chain transactions and official announcements from both companies will be crucial in understanding the implications of these events.

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