An undisclosed wallet associated with Ripple has set in motion the transfer of 100 million XRP, causing cryptocurrency market participants to take notice. This significant movement of XRP follows a previous similar transaction, indicating an ongoing transfer of substantial volumes of the digital currency.
According to a recent report, a wallet linked to Ripple has initiated the transfer of 100 million XRP to an unidentified destination. On Thursday, Whale Alert flagged the transfer of 100,000,000 XRP, which is valued at approximately $53 million, from an unknown source to another anonymous address. The transaction took place at 21:50 UTC on the same day.
The involvement of unknown entities and the large volume of XRP transferred has drawn attention from cryptocurrency market participants. Further investigation into blockchain records has provided insights into the entity responsible for the transaction.
The source wallet, identified as “rP4X2hTa” according to XRP explorer Bithomp, received 100 million XRP from Ripple two days prior to the transfer. After receiving this influx, the wallet distributed the XRP in increments of 50 million and smaller amounts. Notably, the transfer of 100 million XRP was its most recent transaction.
As of now, the destination wallet labeled “rhWt2bhRq” has not converted the 100 million XRP received into other assets. Interestingly, this address has previously 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 shown any 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.
In addition to Ripple, other entities have been moving significant amounts of XRP. Whale Alert has reported the transfer of $14 million XRP from Binance to an unidentified destination, with similar transactions observed involving exchanges such as Bitstamp and Bitso. 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 most altcoins have experienced significant returns, Ripple’s XRP has not performed as well. It has been trading at $0.51, partly due to the ongoing legal battle between Ripple and the SEC. However, analysts remain optimistic about XRP’s future. They predict that XRP could reach $17, citing the tightening of the Bollinger Bands as a potential indicator of increased volatility and a significant price increase.
Furthermore, an analyst has identified a rare pattern in the XRP/BTC chart that suggests a potential breakthrough of a 40-day resistance channel. This indicates a potential upward movement in XRP’s value relative to Bitcoin.
