Ripple and other whale addresses recently transferred 218 million XRP, worth an average of $81 million, in six separate transactions. The moves corresponded with a recent XRP recovery push and largely included exchanges like Bittrex and Bitstamp.
Ripple Makes A Big Move With 50m XRP Transfer: What’s Next For XRP
According to Whale Alert, a resource that tracks the movements of large cryptocurrency investors, 50 million XRP tokens worth $21.4 million were involved in the Ripple transfer, which took place on May 9th at 20:35 (UTC).
Whale Alert’s tweet suggests that Ripple sent XRP to a wallet with an unknown owner. However, information gathered by Bithomp suggests that the recipient wallet belongs to Ripple. This wallet has subsequently distributed 7.3 million XRP to various other addresses.
Notably, the recently-moved 50 million XRP tokens are among the property Ripple released from escrow this month. Ripple unlocked 1 billion XRP on May 1 as part of its monthly escrow executions. Shortly after the escrow executions, Ripple locked back 700 million XRP and stored 300 million tokens.
Invoice Morgan, a pro-XRP lawyer, stated that Ripple does not “dump” its property on the market. It is worth noting that, in April, just 50 million of the 300 million XRP issued were transferred from Ripple wallets, similar to the present transaction in Might.
Whale Movements
Other whales, in addition to Ripple, exchanged 168 million XRP in five different transactions. The first transaction saw 50 million XRP sent from Crypto.com to an unnamed wallet. Investigations found that the wallet belonged to Binance.
Soon after, an unauthorized wallet sent 31 million XRP to Bitstamp on May 8 at 21:29 (UTC). Subsequently, there was an internal transaction a few hours later, where two Bittrex wallets moved 30 million XRP on May 9 at 19:41 (UTC). The most recent transfer occurred when an unidentified wallet sent 28 million XRP to Bitstamp on May 9 at 22:14 (UTC).
Whale Transactions Coincide With XRP Value Drop
The movements made by the whales happened at the same time as a decline in the value of XRP, which prompted a recovery campaign. On May 8, the asset experienced its most significant intraday decline since April 21, dropping by 4.61%. Despite plunging to a 7-week low of $0.41, XRP promptly recovered, with the $0.41 level as support.
XRP recently ended its run of daily losses that started on May 6 and had a small gain of 0.14% at the end of yesterday’s trading session. Over the last 24 hours, XRP has gained 1% and aims to establish a strong position above $0.43. At the time of writing, XRP is trading at $0.4260
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