Cryptocurrency tracker Whale Alert has recently detected two significant transactions involving millions of XRP. While these transfers have caught the attention of the crypto community, the details surrounding them have raised more questions than answers.
Ripple’s “Unknown” Wallet Raises Eyebrows
One of the transfers spotted by Whale Alert originated from an “unknown” wallet, but further investigation revealed its connection to Ripple Labs, the major distributor of XRP.
Read Also: Whale Moved 425M XRP from Bitvavo As Price Holds $0.5 Support. Here’s the Destination
On September 10, this anonymous wallet sent a whopping 29,500,000 XRP to Bitstamp, one of the Ripple On-Demand Liquidity (ODL) partners.
Interestingly, this is not the first time Ripple has made such a transaction, as they have been consistently sending around 30 million XRP to Bitstamp, totaling about 120 million XRP in recent weeks.
🚨 29,500,000 #XRP (14,658,817 USD) transferred from unknown wallet to #Bitstamphttps://t.co/R0b4KUFMnY
— Whale Alert (@whale_alert) September 10, 2023
Selling XRP Amidst Declining Prices
The timing of Ripple’s latest transaction raises concerns as it coincided with declining prices of XRP in the market. This suggests that Ripple might have sold these XRP tokens at a slight loss. At the time of writing, XRP is trading at $0.4716.
In addition to Ripple’s transaction, Whale Alert also brought to light a significant movement of XRP from the Bitvavo crypto trading venue. Surprisingly, the transfer was initiated by an anonymous wallet.
Further examination of previous transactions revealed that over the past months, several other transfers involving more than 420 million XRP were initiated, some of which were internal movements conducted by Bitvavo. The remaining transfers were executed by anonymous XRP holders, leaving many curious about the motives behind these significant movements.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 421,772,199 #XRP (208,862,818 USD) transferred from #Bitvavo to unknown new wallethttps://t.co/whbhavtkcx
— Whale Alert (@whale_alert) September 10, 2023
Read Also: Whales Moved $900M Worth of XRP in August. Ripple and Two Major Exchanges Involved
The Ripple Effect on XRP’s Price
With Ripple’s repeated sales of substantial amounts of XRP to exchanges and the selling pressure created, it is crucial to monitor how this affects the price of XRP moving forward. While the immediate impact might be a slight decline, it remains to be seen how the larger crypto market will respond to these transactions in the long run.
The recent transactions involving Ripple and anonymous wallets have garnered attention and speculation within the crypto community. As Ripple continues to send millions of XRP tokens to exchanges, the market eagerly awaits to see how this ongoing strategy will impact the price and stability of XRP.
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