Significant XRP Transactions with Ripple Implication Notified by Whale Alert
Whale Alert, a crypto tracking platform, has alerted the community about three significant XRP transactions, totaling over 200 million tokens, worth about $122 million. Ripple Labs is involved in these transactions, capturing the community’s interest as XRP experiences a short-term downtrend.
Ripple Moves 90 Million XRP Tokens to Unknown Wallets
Three large XRP transactions have been identified, with 25.5 million XRP tokens (approximately $15.6 million) moved from an unknown wallet to Bitstamp crypto exchange, 85 million XRP tokens (approximately $51.99 million) transferred from an unknown wallet to another unknown wallet, and 90 million XRP tokens (approximately $55.24 million) from Ripple to an unknown wallet.
Chain of Transactions
However, detailed on-chain data reveals that Ripple initially transferred 90 million XRP tokens to wallet address “rJqiMb.” Subsequently, “rJqiMb” sent 85 million XRP tokens to “rP4X2h.”
Escrow Unlocks and Downtrend
Ripple typically unlocks a specific number of tokens from escrow at the beginning of each month. On November 1, around a billion XRP tokens were released. Following these escrow transactions, XRP struggled to surpass the resistance at $0.7338 and entered a short-term downtrend, dropping about 16.5%.
Hot Take
The purpose of the recent transaction remains unclear, and despite reaching out to Ripple, BeInCrypto has not received a response.
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