A wallet associated with Ripple has initiated the movement of 100 million XRP to an undisclosed destination, prompting scrutiny from cryptocurrency market participants.
Notably, Ripple’s transfer of 100 million XRP follows a previous similar transaction, indicating ongoing movement of significant XRP volumes.

As per the latest report, a wallet linked to Ripple has initiated the transfer of 100 million XRP to an unidentified destination. Whale Alert flagged the movement of 100,000,000 XRP, valued at around $53 million, from an unknown source to another anonymous address on Thursday. The transaction occurred at 21:50 UTC the same day.

This sizable transaction has drawn the attention of cryptocurrency market participants due to the involvement of unknown entities and the significant volume of XRP transferred. Further examination of blockchain records provided insights into the entity behind the transaction.

100,000,000 #XRP (52,975,509 USD) transferred from unknown wallet to unknown wallethttps://t.co/JAFcVCf0E1

— Whale Alert (@whale_alert) April 25, 2024

According to XRP explorer Bithomp, the source wallet, identified by the initials “rP4X2hTa,” received 100 million XRP from Ripple two days prior. Following this inflow, the wallet distributed the XRP in increments of 50 million and smaller amounts. Notably, the 100 million XRP transfer was its most recent transaction.

As of now, the destination wallet, labeled “rhWt2bhRq,” has not liquidated the 100 million XRP received. Intriguingly, this address has repeatedly received millions of XRP tokens from “rP4X2hTa” before redistributing them. For instance, it received 50 million XRP on Wednesday and subsequently transferred over 30 million XRP a few hours later.

Ripple and Other Entities Moving XRP

Interestingly, wallet “rhWt2bhRq” has shown no recent activity involving Ripple, neither receiving nor sending transactions. Unlike the source address responsible for the recent transfer of 100 million XRP, this address was not activated by Ripple. This suggests that the payment firm may have transferred $53 million worth of XRP to an external address.

Furthermore, Ripple’s transfer of 100 million XRP on Wednesday has attracted attention, as noted by Crypto Basic yesterday.

This transaction by Ripple follows a similar transfer made a week prior, where the payment firm sent a comparable value to “rP4X2hTa.” In total, Ripple has distributed at least 200 million XRP from the April escrow unlock. However, Ripple is not alone in distributing large amounts of XRP across various wallets. Whale Alert has reported the movement of $14 million XRP from Binance to an unidentified destination, with similar transactions observed involving exchanges such as Bitstamp and Bitso.

In total, over 172 million XRP, valued at approximately $93 million, have been transferred in and out of exchanges within the last 48 hours.

While the rest of the altcoin space has seen cryptocurrencies give multifold returns, Ripple’s XRP has been a bit of a laggard in this matter. Ripple’s XRP has been trading at $0.51 amid the hangover of the Ripple vs SEC, per the Crypto News Flash report.

However, this hasn’t stopped analysts from making bold predictions for the altcoin. Analysts are forecasting XRP to reach $17, attributing this projection to the tightening of the Bollinger Bands. This phenomenon typically precedes a surge in volatility, often resulting in a significant increase in the underlying asset’s price, as reported by Crypto News Flash.

Furthermore, another analyst has identified the formation of a rare pattern in the XRP/BTC chart. This pattern suggests the potential breaking of a 40-day resistance channel, indicating a potential upward movement in XRP’s value relative to Bitcoin.

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Filed under: Bitcoin - @ April 28, 2024 6:36 am