A substantial 100 million XRP transfer between unknown wallets linked to Ripple has sparked community speculation about potential market moves.
This large transfer, valued at approximately $53.057 million at the time of the move, was executed between two unknown wallets “rP4X2hTa7A” and “rhWt2bhRq3.”
🚨 🚨 🚨 100,000,000 #XRP (53,057,020 USD) transferred from unknown wallet to unknown wallethttps://t.co/NvEw911daI
— Whale Alert (@whale_alert) October 8, 2024
The ongoing activity of these wallets is drawing increased scrutiny, particularly as both wallets have previously been involved in high-volume transfers.
Background of the Transaction
Blockchain data reveals that both wallets involved in the recent transaction have shown previous activity. Meanwhile, the sending wallet “rP4X2hTa7A” has a history of receiving significant sums from Ripple and has continuously moved large amounts of XRP in recent weeks.
On September 23, this wallet received a notable 200 million XRP directly from Ripple and has since dispersed these funds across various unidentified wallets. On several occasions, these transfers have involved the same recipient, suggesting a coordinated movement of funds.
Likewise, the receiving wallet has been active over the past month, receiving multiple transactions from the same sending address. For example, this address took in 17.446 million XRP just the same day as the latest 100 million XRP transfer. It has also handled smaller amounts, ranging from 550,000 XRP to 20 million XRP tokens.
Previous Activity and Concerns
Further analysis of the transfer history reveals that the sending wallet has been involved in consistent XRP movements throughout September. Data from Bithomp confirms that on September 19, this wallet transferred another 100,000 XRP to an external address.
These regular, high-value transactions have sparked concerns among the XRP community, with some speculating that the recipient could be preparing to sell the tokens in the near future. Notably, at press time, the recipient wallet of the latest 100 million XRP transactions continues to maintain its balance.
Market Reactions
As this high-volume transfer unfolded, the price of XRP registered a slight increase of 0.57% over the past 24 hours, bringing its value to $0.5295. Despite this short-term gain, the token has seen an overall decline of 11.55% over the past week.
