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XRP Whales Move 100,000,000 XRP, Stirring Ripple Speculation

source-logo  thecryptobasic.com 22 April 2024 08:50, UTC

A massive transfer of 100 million XRP has sparked speculation about the involvement of Ripple, amid market volatility and CTO’s transparency assurance.

The cryptocurrency community has been alerted to a substantial transfer of 100,000,000 XRP, equivalent to approximately $53,477,708. On-chain data confirms that the massive fund flow occurred today at 04:06 AM (UTC).

🚨 🚨 🚨 100,000,000 #XRP (53,477,708 USD) transferred from unknown wallet to unknown wallethttps://t.co/HvqqMlsxZB

— Whale Alert (@whale_alert) April 22, 2024

Notably, both the sending and recipient address are labeled unknown, stirring speculation regarding their identities. While concrete confirmation is lacking, data suggests a potential link to Ripple, the San Francisco-based blockchain payments firm.

Transaction Details

On-chain investigation on both addresses reveal interesting details. Being a new address, the 100 million XRP movement marked the receiver’s second transaction, the first being a test transfer from the same sender. Conversely, the sender, although also new, demonstrates relatively more activity than the receiver.

The sender’s address history reveals only 6 past transactions, receiving 12 XRP from Ripple at one point, with this transaction implying an affiliation with the company. However, without official commentary from Ripple, this remains unconfirmed.

Recent developments show that XRP has witnessed significant whale activity besides the recent fund flow. In addition to involvements from retail investors and other institutions, Ripple has also moved large sums of XRP tokens for sales and to cater to its payment clients.

Last month, Ripple moved 130 million XRP amid price struggles. Also, as reported by Whale Alert, an unidentified whale transferred 28.8 million XRP to the Bitstamp exchange yesterday. This transaction also fueled speculation, dividing opinions on whether this could be a mere selloff or part of Ripple’s strategic liquidity maneuvers.

Ripple XRP Sales

This transaction unfolds against ongoing discussions surrounding Ripple’s XRP sales. David Schwartz, the Chief Technology Officer at Ripple, recently addressed concerns about the company’s transparency regarding XRP sales.

Amid discussions about the state of the XRP Ledger and accusations, Schwartz clarified that if Ripple intended to hide its XRP transactions, it could simply conduct these sales through less transparent exchanges rather than on the ledger itself.

Schwartz pointed out that Ripple has always maintained a high level of openness about its dealings with XRP, with on-chain data frequently tracking the movement of funds. He emphasized that Ripple’s historical practice of reporting XRP sales quarterly has been a testament to the company’s commitment to transparency.

In the last 24 hours, XRP has shown notable price movement. After opening at $0.5323, it experienced daily volatility, marking a series of lows and highs on the daily chart. However, the bulls were in control at press time, with prices spiking to $0.541. This represents an approximate 1.3% increase from the opening price.