An undisclosed destination has received a transfer of 100 million XRP from a wallet associated with Ripple, causing cryptocurrency market participants to take notice. This move comes after a previous transaction of a similar nature, indicating an ongoing movement of significant XRP volumes.
According to the latest report, a wallet linked to Ripple has initiated the transfer of 100 million XRP to an unidentified destination. Whale Alert, a platform that tracks large cryptocurrency transactions, detected the movement of 100,000,000 XRP, which is valued at approximately $53 million. The transfer occurred at 21:50 UTC on Thursday.
The involvement of unknown entities and the substantial volume of XRP transferred has attracted attention from cryptocurrency market participants. By examining blockchain records, more information about the entity behind the transaction has been uncovered.
XRP explorer Bithomp reveals that the source wallet, identified as “rP4X2hTa,” received 100 million XRP from Ripple two days prior. After receiving this influx, 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 sold or exchanged the 100 million XRP it received. Interestingly, this address has repeatedly received millions of XRP tokens from “rP4X2hTa” and redistributed them. For example, it received 50 million XRP on Wednesday and subsequently transferred over 30 million XRP a few hours later.
It is worth noting that the wallet “rhWt2bhRq” has not been involved in any recent activity with 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 sent $53 million worth of XRP to an external address.
In addition to Ripple’s transfer of 100 million XRP, other entities have also been moving significant amounts of XRP. Whale Alert reported the movement of $14 million XRP from Binance to an unidentified destination, and similar transactions involving exchanges such as Bitstamp and Bitso have been observed.
In total, over the past 48 hours, more than 172 million XRP, valued at approximately $93 million, have been transferred in and out of exchanges.
While other cryptocurrencies have experienced significant gains, Ripple’s XRP has lagged behind. It is currently trading at $0.51 due to the ongoing legal battle between Ripple and the SEC.
However, analysts are still optimistic about XRP’s future. They predict that XRP could reach $17 based on the tightening of the Bollinger Bands, which often precedes a surge in volatility and price. Additionally, a rare pattern in the XRP/BTC chart suggests a potential upward movement in XRP’s value relative to Bitcoin, indicating a positive outlook for the altcoin.