Blockchain tracker and analytics platform Whale Alert recently revealed the movement of 100 million XRP by Ripple Labs Inc. This movement, which happened on Monday coincides with a 4% surge in the value of XRP.
Details of Ripple’s XRP Transfer
The 100 million XRP valued at about $50.7 million was transferred to an unknown wallet from an unknown wallet, according to Whale Alert. However, this movement coincided with 150 million XRP, valued at about $75.7 million, transferred an hour earlier from an unidentified wallet.
Upon investigation, it was confirmed that the recipient address with the initials “rP4X2hTa7A,” though tagged unknown, was enabled by Ripple. To further support this claim, XRP explorer Bithomp revealed that this unknown wallet has interacted with Ripple’s publicly known XRP addresses in the past.
🚨 🚨 🚨 100,000,000 #XRP (50,776,737 USD) transferred from unknown wallet to unknown wallethttps://t.co/ovSxim8d3M
— Whale Alert (@whale_alert) May 13, 2024
For example, on April 24, Ripple sent 100 million XRP to wallet “rP4X2hTa7A,” which it dispersed to several external addresses in tranches.
Also, Ripple has often sent XRP tokens to the external address, “rhWt2bhRq” using the wallet “rP4X2hTa7A.” Notably, the former wallet address was the same one used in offloading the recent 100 million XRP.
However, it is worth noting that this is the first instance since the beginning of May that Ripple transferred parts of the unlocked tokens to an external address. Earlier in the month, Ripple unlocked 1 billion XRP in its usual monthly escrow unlock.
The XRP Army Reacts
As a result of XRP’s massive transfer from Ripple, speculations have swirled in the community about whether the payment company is dumping the tokens on retail. This sentiment is in reaction to the timing of the transactions coinciding with an uptick in the price of XRP.
On Monday, XRP’s price surged by 3.99% to $0.5112, after registering an intraday low of $0.4916. At the time of this writing, XRP is trading at $0.5036, with trading volume increasing by 2.7% within the past day to $827 million.
Popular crypto analyst Mikybull believes XRP has the potential to break out from its current phase based on the monthly RSI indicator.