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Ripple Moves $55 Million Worth of XRP Amid Market Downtrend 3m ago by

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Whale Alert, a crypto tracking platform, has notified the community about three substantial XRP transactions, collectively exceeding 200 million tokens (approximately $122 million).

Ripple Labs is implicated in these transactions. The community’s attention has been piqued by these sizable XRP transactions as XRP enters a short-term downtrend.

Ripple Moves 90 Million XRP Tokens to Unknown Wallets

The screenshot below shows three large XRP transactions:

25.5 million XRP tokens (approx $15.6 million) from an unknown wallet to Bitstamp crypto exchange

85 million XRP tokens (approx $51.99 million) from an unknown wallet to another unknown wallet

90 million XRP tokens (approx 55.24 million) from Ripple to an unknown wallet 

Read more: How To Buy XRP and Everything You Need To Know

Whale Alert Posts About Three Large XRP Transactions. Source: X (Twitter)

At first sight, it may look like 200 million XRP tokens have been moved. 

However, the detailed on-chain data shows that Ripple first transferred 90 million XRP tokens to wallet address “rJqiMb.” Later, “rJqiMb” transferred 85 million XRP tokens to “rP4X2h.”

Read more: How To Evaluate Cryptocurrencies with On-chain and Fundamental Analysis.

Wallet Address “rJqiMb” Sends 85 Million XRP Tokens to “rP4X2h”. Source: Bithomp

It is worth mentioning that around the start of every month, Ripple unlocks a certain amount of tokens from escrow. The screenshot below shows that on Nov. 1, it released around a billion XRP tokens.

Whale Alert Posts About Ripple’s XRP Escrow Unlocks. Source: X (Twitter)

Not to mention, days after these escrow transactions, XRP failed to close above the resistance at $0.7338. After taking the rejection, the token entered a short-term downtrend, falling roughly 16.5%.

XRP/USDT Chart, Binance. Source: TradingView

While escrow release is a routine business for Ripple, the purpose of today’s transaction is not clear. BeInCrypto has reached out to Ripple, but we have not received a response.

Do you have anything to say about XRP transactions or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

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Top crypto platforms | November 2023

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